Equated Monthly Instalments (EMI):

 Equated Monthly Instalments (EMI): Equated Monthly instalment is a type of annuity. Annuity is a series of payments or deposits in equal intervals. If the payments are equal for each interval then the annuity is called simple annuity. When the payments are made at the beginning of each period (e.g.  Recurring deposits) the annuity is called Annuity Due. If the payments are made at the end of each period then the annuity is called immediate annuity. (e.g. Loan instalments