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Software Requirements Specification (SRS) for EMI Calculator

Introduction

Purpose:

The purpose of this document is to outline the requirements for the development of an EMI (Equated Monthly Installment) Calculator application.

Scope:

The EMI Calculator will allow users to calculate monthly installment amounts for loans based on input parameters such as loan amount, interest rate, and loan tenure.

Definitions, Acronyms, and Abbreviations:

EMI: Equated Monthly Installment

System Overview

System Description:

The EMI Calculator will be a web-based application accessible through a browser. Users will input loan details, and the system will calculate the monthly installment.

System Architecture:

The application will have a client-server architecture, with the client being the web browser and the server handling the calculation logic.

Functional Requirements

Use Cases:

Calculate EMI:
  • Users can input the loan amount, interest rate, and loan tenure.
  • The system will calculate and display the Equated Monthly Installment.

Functional Requirements:

Input:

The system shall accept the following input:
  • Annual Interest Rate (in percentage)
  • Loan Tenure (in months)
  • Loan Amount (in INR)

Calculation:

The system shall calculate the EMI using the following formula:
  • ���=�×�×(1+�)�(1+�)�−1
  • EMI=
  • (1+r)
  • n
  • −1
  • P×r×(1+r)
  • n
  • ​
  • where:
    • �
    • P is the Loan Amount
    • �
    • r is the monthly interest rate (annual rate divided by 12 and multiplied by 0.01 to convert percentage to decimal)
    • �
    • n is the Loan Tenure in months

Output:

  • The system shall display the calculated EMI to the user.

Non-Functional Requirements:

  • The system should provide a response time of under 2 seconds.
  • The application should be accessible on common web browsers (Chrome, Firefox, Safari).

External Interface Requirements

User Interfaces:

  • The user interface shall include input fields for loan amount, interest rate, and loan tenure, along with a “Calculate” button.
  • The calculated EMI shall be displayed prominently.

Hardware Interfaces:

  • The system should be compatible with standard computing hardware.

Software Interfaces:

  • The application shall be developed using HTML, CSS, and JavaScript.
  • The server-side logic can be implemented using a backend framework (e.g., Node.js, Django).

Communication Interfaces:

  • The application will communicate with the server for the calculation and display of results.

Performance Requirements

Response Time:

The system should respond within 2 seconds for a typical user input.

Throughput:

The application should handle at least 100 simultaneous users.

System Constraints

Regulatory Requirements:

The application should comply with relevant financial regulations.

Hardware Limitations:

The system should be compatible with devices with standard web-browsing capabilities.

Security Requirements

Authentication:

The application may not require user authentication as it’s a public tool.

Data Protection:

The system should not store or retain any user input data after the calculation.

Quality Attributes

Reliability:

The application should produce accurate results based on the provided input.

Maintainability:

The code should be well-documented for ease of maintenance.

Usability:

The user interface should be intuitive, requiring minimal guidance.

Testing Requirements

Test Cases:

Test cases should cover various input scenarios to ensure accurate calculations.

Acceptance Criteria:

The application is considered successful if it produces correct EMIs based on standard EMI calculation formula.

Project Timeline

Milestones:

Design, Development, Testing, Deployment.

Development Phases:

Frontend development, Backend development, Testing, Deployment.

Glossary

EMI: Equated Monthly Installment

Appendices

No additional appendices for this basic example.

Conclusion

This SRS document provides a foundation for the development of an EMI Calculator, outlining key requirements and expectations. It should be reviewed and approved by relevant stakeholders before proceeding with the development phase.
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