An Equated Monthly Instalment (EMI) is defined as "Payment of a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly instalments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is fully paid off along with interest."
EMI = [(P*r/1200)*(1+r/1200)N] / [(1+r/1200) – 1]
