This TOOL allows the user to enter the loan amount, interest rate, and loan tenure. When the "Calculate EMI" button is clicked, the calculateEMI function is called, which calculates the monthly EMI using the formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
where P is the loan amount, R is the monthly interest rate, and N is the total number of monthly payments.
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