What is EMI in anything..??
Answers
Step-by-step explanation:
An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
Answer:
EMI :
EMI is an abbreviation which stands for "equated monthly installment".
____________________________________
(More about EMI)
EMI is actually a fixed amount that any borrower should make to repay on time to time.
It comes with EMI of home, car, etc as loan.
Ex: when someone is unable to pay the whole money for anything like when someone wants to buy his/her own home but not that much capable to pay the whole amount in a single time then there is a system of '' EMI'' is available for them so that they can take advantage according to their need effortlessly. All they need to pay the EMI once in a month or according the the rule and regulations as it decrease the burden of middle class family.
____________________________________
How EMI is calculated :
There is a simple formula which is use to calculate EMI :
=> [P×R ×(1+R)^N] /[(1+R)^N-1]