Question 1

What is EMI?

Accepted Answer

EMI stands for Equated Monthly Instalment, which is the fixed amount paid every month to repay a loan.

Question 2

How is EMI calculated?

Accepted Answer

EMI is calculated using loan amount, interest rate, and tenure. It includes both principal and interest components.

Question 3

Does EMI remain the same throughout the loan tenure?

Accepted Answer

Yes, in most standard loans, the EMI amount remains constant while the interest and principal portions change over time.

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