For example: For loan amount 500000 for 5 years at the rate of 12% (reducing interest rate), EMI is 11,122.22 per month Here 12% reducing is equivalent to flat 6.69% per annum or flat 0.55% per month.
Test link: http://www.kountmoney.com/flat-reducing-interest-calculator.html
So, how to find flat rate of interest per annum and month if we have given reducing rate of interest or loan amount and tenure?