On mine, I had to install ARM AEBI a7a System Image and Google APIs, and also installed MIPS which was only available for API 15, 16, and 17 (I didn't go below 15.) Took about 12 hours of tinkering, but it works now.
alternatively, you can use Genymotion as an emulator, however will most likely lose design abilities otherwise available with included emulators.
It works now. Pretty slow, but it works. Of course, once you have the emulator started, as long as you don't close it, it will be much faster.
You may need to restart Android studio, and I restarted my entire computer just for good measure.
Hope that helps.