financial.equated_monthly_installments
======================================

.. py:module:: financial.equated_monthly_installments

.. autoapi-nested-parse::

   Program to calculate the amortization amount per month, given
   - Principal borrowed
   - Rate of interest per annum
   - Years to repay the loan

   Wikipedia Reference: https://en.wikipedia.org/wiki/Equated_monthly_installment



Functions
---------

.. autoapisummary::

   financial.equated_monthly_installments.equated_monthly_installments


Module Contents
---------------

.. py:function:: equated_monthly_installments(principal: float, rate_per_annum: float, years_to_repay: int) -> float

   Formula for amortization amount per month:
   A = p * r * (1 + r)^n / ((1 + r)^n - 1)
   where p is the principal, r is the rate of interest per month
   and n is the number of payments

   >>> equated_monthly_installments(25000, 0.12, 3)
   830.3577453212793
   >>> equated_monthly_installments(25000, 0.12, 10)
   358.67737100646826
   >>> equated_monthly_installments(0, 0.12, 3)
   Traceback (most recent call last):
       ...
   Exception: Principal borrowed must be > 0
   >>> equated_monthly_installments(25000, -1, 3)
   Traceback (most recent call last):
       ...
   Exception: Rate of interest must be >= 0
   >>> equated_monthly_installments(25000, 0.12, 0)
   Traceback (most recent call last):
       ...
   Exception: Years to repay must be an integer > 0