EMI CALCULATOR
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 PRINCIPLE EACH MONTH SO THAT OVER A SPECIFIED NUMBER OF YEARS, THE LOAN IS PAID OFF IN FULL.