EMI
Equated Monthly Instalment — the fixed amount you pay every month to repay a loan. Each EMI includes both principal repayment and interest. Calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1).
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Equated Monthly Instalment — the fixed amount you pay every month to repay a loan. Each EMI includes both principal repayment and interest. Calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1).
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