Function Type: Financial
Description:
Returns the periodic payment for an annuity.
Function Structure:
=PMT(rate, nper, pv, [fv], [type]).
Argument Breakdown:
rate – The interest rate for the loan.
nper – The total number of payments for the loan.
pv – The present value, or the total amount that a series of future payments is worth now; also known as the principal.
fv – The future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0.
type – The number 0 (zero) or 1 and indicates when payments are due.
Example:
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