Answer:
Equated monthly installment.
Step-by-step explanation:
A monthly payment is the amount a borrower is required to pay each month until a debt is paid off.
These are often called EMi's.
The full form of EMI is Equated monthly installment.
EMI is a fixed payment amount that is paid/made by a borrower to the lender at a specified time each month until the whole money is paid off with interest.
EMI work on a set interest rate and set payment period. Like if you take a loan for 5 years, you will pay the installments for 60 full months for each month.
