Answer to Question #127534 in English for Sabelo Xolani Mlangeni

Question #127534
What is EMI?
1
Expert's answer
2020-07-28T10:20:53-0400

Equated Monthly Installment (EMI)

An equated monthly installment (EMI) refers to a fixed payment sum made to a lender by a borrower at a specific date each month. EMI is used as a means to pay principal and interest monthly so that the loan is paid off in full over a definite number of years. EMI is used to pay common loans such as student loans, auto loans, and real estate mortgages. EMI ensures the borrower pays a fixed rate over a period to the lender over some years to retire the loan.


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