How to calculate EMI

Have u guys ever spared a thought as to how EMI's are
calculated for the loan u take?? This is how its done.

EMI = (L x l) x (1+l)^N/[(1+l)^N]-1

Where

L = loan amount
l = interest rate (rate per annum divided by 12)
^ = to the power of
N = loan period in months

For example:-

Assume a loan amount of Rs 1 lakh at 11% per annum ,
and repayable in 15 years, the EMI calculation will be
as follows:

EMI = (1,00,000 x 0.00916) x
(1+0.00916)^180/[(1+0.00916)^180]-1

= 916 x (5.161846/4.161846)

EMI = Rs 1,136

So form now on u can check for urself. R U PAYING THE
RIGHT EMI ???