The interest rate here is 3 per year but because the payments are biweekly you need to divide the 3 by 26 the number of biweekly payments made per year. Click on Formulas tab in the top Menu bar select Financial from Function Library section and double-click on PMT. To use this function first select the cell in which you want the results to be displayed.
The interest rate here is 3 per year but because the payments are biweekly you need to divide the 3 by 26 the number of biweekly payments made per year.
-PMT Interest RatePayments per YearTotal Number of PaymentsLoan Amount0. With the interest rate in B1 no. Of years in B2 and loan amount in B3 the formula is as simple as this. The Function Arguments dialog box that opens allows you to specify the rate nper and pv arguments.