An Equated Monthly Instalment (EMI) is usually a fixed amount of money that you need to pay your bank or lender every month as repayment of a loan taken, until your loan is totally repaid.
The formula to calculate an EMI:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P =loan amount or Principal
R = Interest rate per month
[To calculate rate per month: if the interest rate per annum is 14%, the per month rate would be 14/(12 x 100)]
N = the number of installments
