An equated monthly installment (EMI) is defined by Investopedia as "A fixed payment amount made by a borrower to a lender at a specified date each calendar month. The concept of instant gratification for a small down payment became popular after the end of the World War I and is believed to be one of the causes of the Great Depression. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full."
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