Method
An EMI is a regular monthly repayment on a reducing-balance loan. The monthly rate is annual interest divided by 100 and then by 12; with P as the loan amount, r as that monthly rate, and n as the number of monthly payments, EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). At 0% interest, EMI = P ÷ n.