To calculate periodic loan payments.
PMT(rate, nper, pv, fv, type)
- rate - interest rate of the loan
- nper - total number of loan payments
- pv - present value or principal (current total worth of a series of future payments)
- fv - future value (cash balance at the end of the last payment)
- type - 0 to indicate payments are due immediately, 1 to indicate payments are due at the end of the period, 0 by default
This PMT function can be used to calculate monthly loan payments with terms given by arguments from A2:A4.
If you need to calculate monthly loan payments with terms given by arguments from A2:A4 but with payments due at the beginning of the period, you can use the above formula.
The PMT function is a Sourcetable function for calculating loan payments. It works by using constant payments and a constant interest rate to determine the payment amount.
- The PMT function determines payments for a loan, assuming both constant payments and a constant interest rate.
- Note that the PMT function doesn't include taxes, reserve payments, or fees.
- Be careful with units when using PMT. Make sure to use consistent units!
Frequently Asked Questions
What is the PMT function?
The PMT function calculates payments for a loan.
What type of payments does the PMT function use?
The PMT function uses constant payments.
What type of interest rate does the PMT function use?
The PMT function uses a constant interest rate.
What does the PMT return?
The PMT returns a payment that include principal and interest but excludes taxes, fees, and reserve payments.
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