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      Question

      In banking, what does EMI stands for?

      A Equal Monthly Investment Correct Answer Incorrect Answer
      B Equated Monthly Increment Correct Answer Incorrect Answer
      C Equal Market Instalment Correct Answer Incorrect Answer
      D Equal Mortgage Instalment Correct Answer Incorrect Answer
      E Equated Monthly Instalment Correct Answer Incorrect Answer

      Solution

      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 principal each month so that over a specified number of years, the loan is paid off in full

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