EMI = Equated Monthly Installment
PV = Loan Amount (Present Value)
i = monthly interest rate in decimal form
n = number of months of the loan
p.a. = per annum
Equated Monthly Installment or EMI loan is calculated like any other car or mortgage loan.
In Advance means that the first payment is made at the beginning of the first period, on the same day you start the loan. Then, payments are due monthly from then on. In Arrears means that you start with your first payment 1 month after you start the loan.