PMT

Calculates the payment for a loan based on constant payments and a constant interest rate.

PMT(rate, nper, pv, fv, type)

Parameters

• rate - The interest rate per period.
• nper - The total number of payments.
• pv - The present value, or the total amount that a series of future payments is worth now.
• fv - The future value, or a cash balance that you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0. (optional)
• type - The number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0. (optional)

Examples

PMT(0.05 / 12, 60, 30000)

Result: -566.14

Note: Calculates the monthly payment for a loan with a 5% annual interest rate, 60 payments, and a present value of $30,000.