A) Equated Monthly Instalment
B) Equal Monthly Increment
C) Equated Money Instalment
D) Equalized Monthly Instalment
E) Equating Money Instalment
Correct Answer: A
Solution :
EMI stands for both "Estimated Monthly Instalment", a fixed payment owed each month on a property mortgage or other loan, and "Equated Monthly Instalment", a fixed payment owed each month on a property mortgage or other loan; another term for amortization. With the increasing usage for bank finance for personal and non-personal loans, EMI has become synonymous with Equated Monthly Instalment.
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