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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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