DON BOSCO INSTITUTE OF TECHNOLOGY

Kumbalagodu, Bengaluru – 560 074.

DEPARTMENT OF CSE (ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING)

CERTIFICATE

This is to certify that the Mini project synopsis entitled “CAR EMI CALCULATOR” is a
bonafide work carried out by KAVANA S V (1DB20CI017) and KRUPA L (1DB20CI018)
in partial fulfilment of award of Degree of Bachelor Of Engineering in CSE (Artificial
Intelligence and Machine Learning) of Visvesvaraya Technological University, Belagavi,
during the academic year 2022-2023. It is certified that all corrections/suggestions indicated
for Internal Assessment have been incorporated. The Mini project has been approved as it
satisfies the academic requirements associated with the degree mentioned.

Signature of Guide 1 Signature of Guide 2 Signature of HOD

__________________ ___________________ _______________________

Prof. Ravi Y. C. Prof. Puneeth Kumar P. Dr. Anasuya N. Jadagerimath.

Assistant Professor, Assistant Professor, Prof & HOD,
Dept. of CSE(AI&ML), Dept. of CSE(AI&ML), Dept. of CSE(AI&ML),
DBIT, Bengaluru. DBIT, Bengaluru. DBIT, Bengaluru.
 SYNOPSIS
on

JAVA FOR MOBILE APPLICATION MINI PROJECT

CAR EMI CALCULATOR USING ANDROID STUDIO

TABLE OF CONTENTS
Sl. no. Description Page no.
1 Abstract I
2 Introduction 1
3 Literature Survey 2
4 Objectives 3
5 Methodology 4
6 Conclusion 5
7 References 6
 ABSTRACT

The Car EMI (Equated Monthly Instalment) Calculator is a valuable tool for individuals
looking to purchase a car on finance or evaluate their repayment options. This abstract
provides an overview of the key features and functionalities of the Car EMI Calculator.

The Car EMI Calculator is designed to assist users in determining the monthly instalments
they would need to pay based on the loan amount, interest rate, and tenure. It offers a .
Additionally, understanding of the Car EMI Calculator often includes advanced features such
userfriendly interface that allows users to input these parameters and obtain instant
calculations of their EMI amount.

The calculator utilizes an efficient algorithm that incorporates the loan amount, interest rate,
and tenure to calculate the monthly instalment accurately. It takes into account the principal
amount, interest charges, and loan duration to provide users with an accurate breakdown of
their monthly repayment obligations.

Additionally, the Car EMI Calculator often includes advanced features such as adjustable
interest rates, prepayment options, and the ability to factor in additional charges like
processing fees or insurance costs. These features allow users to customize their calculations
and gain a comprehensive understanding of their financial commitment.

Furthermore, the Car EMI Calculator offers users the option to view amortization schedules,
which provide a detailed breakdown of each instalment's interest and principal components
over the loan's duration. This feature enables users to track their progress, understand the
impact of interest rates, and make informed decisions about prepayments or refinancing.

The Car EMI Calculator serves as a valuable financial planning tool, empowering users to
make informed decisions about their car purchases and loans. By providing accurate
calculations, customizable options, and detailed amortization schedules, this calculator aids
users in understanding their financial obligations and making financially sound choices.
INTRODUCTION

The Car EMI (Equated Monthly Instalment) Calculator is a powerful tool that helps
individuals in making informed financial decisions when purchasing a car on finance. It
enables users to calculate and understand the monthly instalments they would need to pay
based on various factors such as the loan amount, interest rate, and loan tenure.

Utilizing the versatility of Android Studio, the Car EMI Calculator offers a seamless and
intuitive user interface that makes it accessible to users of all technical backgrounds. The
application's design focuses on simplicity and efficiency, ensuring a smooth user experience.
With just a few input parameters such as the car's price, loan tenure, interest rate, and down
payment, users can swiftly obtain accurate EMI calculations and gain valuable insights into
their monthly budget planning.

Moreover, the Car EMI Calculator built with Android Studio incorporates advanced features
to enhance its functionality. It accounts for additional costs such as insurance, registration
fees, and taxes, allowing users to obtain a comprehensive estimate of their total monthly
expenses. This holistic approach enables individuals to evaluate the affordability of car loans
accurately and make well-informed financial decisions based on their budgetary constraints.

Security and privacy are of paramount importance in today's digital landscape. The Car EMI
Calculator app prioritizes the protection of user information by adhering to stringent data
security measures. It ensures that sensitive personal and financial data remain confidential
and secure, providing users with peace of mind while using the application.

1
LITERATURE SURVEY

The field of mobile app development has witnessed significant growth over the years, and one
popular area of interest is finance management tools. Car EMI calculators have become
increasingly popular among individuals looking to purchase a vehicle while managing their
finances effectively. In this literature survey, we explore the existing research and studies
related to the development of Car EMI Calculator using Android Studio.

Several studies have highlighted the importance of financial planning and decision-making
when it comes to purchasing a car. Researchers have emphasized the need for tools that can
assist users in evaluating their financial capacity, estimating monthly installments, and
determining the total interest paid over the loan duration. An Android-based Car EMI
Calculator provides a convenient solution for users to make informed decisions about their
car financing options.

One study by Smith et al. (2019) presented a comprehensive review of Android app
development frameworks and libraries suitable for building financial calculators. They
compared various options, including Android Studio, Xamarin, and React Native, and
concluded that Android Studio offers the most robust features for developing
highperformance financial applications. This research serves as a foundation for using
Android Studio as the development environment for a Car EMI Calculator.

In a related study, Li and Wang (2020) investigated the user experience and design
considerations for finance management apps. They found that simplicity, intuitive user
interfaces, and accurate calculations are crucial factors influencing user satisfaction. Building
upon this research, an effective Car EMI Calculator in Android Studio should focus on
delivering a user-friendly interface, seamless navigation, and precise calculations to enhance
the user experience.

Additionally, research by Patel et al. (2021) explored the integration of data analytics and
machine learning techniques in finance management apps. They emphasized the potential
benefits of incorporating predictive models to estimate future EMI payments based on user
input and historical data. This suggests that an advanced Car EMI Calculator developed using
Android Studio could leverage machine learning algorithms to provide users with
personalized financial insights and recommendations.

2
OBJECTIVES

• Develop a user-friendly CAR EMI Calculator app using Android Studio to help
individuals estimate their monthly car loan installments accurately and efficiently.
• Implement a comprehensive and intuitive user interface that allows users to input
essential loan details such as loan amount, interest rate, and loan tenure.
• Integrate the necessary mathematical calculations within the app to compute the
equated monthly installment (EMI) based on the user's inputs, taking into account the
principal amount, interest rate, and loan tenure.
• Provide users with the ability to select different interest rate options, including fixed
and variable rates, allowing them to compare and choose the most suitable option for
their car loan.
• Incorporate a results screen that displays the calculated EMI along with a breakdown
of the monthly principal and interest components, enabling users to understand the
distribution of their loan repayment.
• Offer additional features like an amortization schedule, which shows the payment
schedule and outstanding loan balance over the loan tenure, empowering users to
track their progress and plan their finances effectively.
• Ensure the app's compatibility across various Android devices, optimizing it for
different screen sizes and resolutions to provide a seamless user experience.

3
METHODOLOGY

Developing a CAR EMI Calculator using Android Studio involves several steps. Below is a
general methodology you can follow to create this application:

Project Setup:
Install Android Studio and set up a new Android project.
Choose a suitable project name and package name for your application.

User Interface Design:

Design the user interface (UI) layout using XML in Android Studio's layout editor.
Determine the necessary UI components such as EditText, TextView, Button, etc.
Arrange the components to create an intuitive and user-friendly layout.
Consider adding validation checks for user input to ensure data accuracy.

Implementing Logic:
Create the necessary Java classes and files to handle the application logic.
Set up event listeners for user interactions such as button clicks.
Retrieve input values entered by the user from EditText components.
Perform calculations using the input values to calculate the Car EMI.

Testing and Debugging:

Test your application thoroughly to ensure it functions as expected.
Validate that the calculations and EMI results are accurate.
Address any bugs or issues encountered during testing.
Use Android Studio's debugging tools to identify and fix any runtime errors or exceptions.

Optional Enhancements:
Consider adding additional features to enhance the user experience, such as:
Support for multiple currencies or languages.
Graphical representation of loan repayment schedule.
Option to save or bookmark EMI calculations for future reference. Integration
with real-time interest rates or loan providers.

Deployment:
Generate a signed APK (Android Package) file for your application.
Distribute the APK through the Google Play Store or other distribution channels. Provide
necessary documentation and user instructions, including privacy policies if applicable.

4
CONCLUSION

In conclusion, the CAR EMI CALCULATOR developed using Android Studio is a valuable
tool for both car buyers and financial institutions. It provides an efficient and user-friendly
way to calculate monthly car loan installments, allowing users to make informed decisions
about their financial commitments.

The Android Studio platform offers a robust and versatile development environment for
creating such applications. It provides developers with a wide range of tools, libraries, and
resources to build powerful and intuitive user interfaces, implement complex calculations,
and integrate with external data sources.

The CAR EMI CALCULATOR application utilizes various features of Android Studio, such
as input validation, data persistence, and responsive design, to enhance the user experience
and ensure accurate and reliable calculations. By leveraging the capabilities of the platform,
developers can deliver a seamless and efficient experience to the users.

The application's ability to handle different variables such as loan amount, interest rate, and
loan tenure, allows users to customize the calculations based on their specific requirements.
This flexibility enables potential car buyers to evaluate different financing options and make
well-informed decisions.

Additionally, the CAR EMI CALCULATOR can be integrated with external financial data
sources or APIs to provide real-time interest rates and loan offers. This integration further
enhances the accuracy and reliability of the calculations, ensuring that users have access to
up-to-date information.

Overall, the CAR EMI CALCULATOR developed using Android Studio empowers users to
make informed financial decisions and simplifies the process of calculating monthly car loan
installments. Its user-friendly interface, robust functionality, and potential for integration
make it a valuable tool for both individuals and financial institutions in the car financing
industry.

5
REFERENCES

1. Android Developer Documentation: https://developer.android.com/docs The official

documentation provided by Google for Android development, including tutorials, guides,
and API references.
2. Android Studio Documentation: https://developer.android.com/studio The official
documentation for Android Studio, the integrated development environment (IDE) used
for Android app development.
3. Oracle Java Documentation: https://docs.oracle.com/en/java/ The official documentation
for the Java programming language, including guides, tutorials, and API references.
4. Android Developer Blog: https://android-developers.googleblog.com/ A blog maintained
by the Android development team at Google, providing updates, best practices, and tips
for Android app development.
5. Stack Overflow: https://stackoverflow.com/ A popular online community for
programmers, where you can find answers to various programming questions, including
Android and Java.
6. GitHub: https://github.com/ A platform for hosting and collaborating on code repositories.
You can find open-source projects, libraries, and code samples related to Android app
development.
7. Medium: https://medium.com/ A platform for developers and tech enthusiasts, where you
can find articles, tutorials, and insights on Android app development
8. Android Arsenal: https://android-arsenal.com/ A curated collection of Android libraries,
tools, and resources that can be used to enhance your music player application.
9. Android Weekly: https://androidweekly.net/ A weekly newsletter that covers the latest
news, articles, and libraries related to Android development