EMI (equated monthly installment) = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of months. A Rs 500,000 loan at 12% for 60 months has an EMI of about Rs 11,122.
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