## EMI Calculation

In our daily life we face enormous application of mathematics. Calculation of equated monthly installments (EMI) for car or home loan is one such common application of mathematics.

EMI or equated monthly installments is the most popular form of loan payment. It is a fixed amount of repayment made every month towards the loan, which includes payment towards both principal and interest. Most of us always believe the bank executives blindly on the figure which they quote as EMI.

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