
Use the PMT function to determine the
payment of a loan
To determine the payment amount for a loan based on constant pay-
ments and a constant interest rate, use the PMT function.
PMT(rate, nper, pv, fv, type)
rate: The interest rate of the loan.
nper: The total number of payments for the loan.
pv: The present value. This is also referred to as the principal.
fv: The future value. This is the amount you want after the last
payment is made. If fv is omitted, it is assumed to be 0.
type: A number that indicates when payments are due. 0 or
omitted indicates the end of the period, and 1 indicates the
beginning of the period.
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To determine the payment for a loan: ...