Document No.4

**CALCULATING EQUATED MONTHLY INSTALLMENT (EMI)**

In house finance, equated monthly installment (EMI) refers to the monthly payment towards interest and principal made by a borrower to a lender. EMI is calulated using a formula that considers loan amount, interest rate, and loan period as variables.

**The formula for calculating EMI:**

**EMI = (L × I) × [(1 + I)^ ^{N} ÷ {(1 + I)^^{N} } -1]**

= 750 × [3.838 ÷ 2.838]

= 750 × 1.35236

= 1,014

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