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what is pmt function in excel. The Excel PMT function is a financial function that returns the periodic payment for a loan. PMT function is an advanced excel formula and one of the financial functions used to calculate the monthly payment amount against the simple loan amount.
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The PMT function below calculates the monthly payment. Excels financial functions employ the Cash Flow Sign Convention discussed in the textbook. Excel lets a person find monthly installment on a loan amount using the function having principle amount or loan amount interest rate per month and the period of.
Nper - the number of payments the loan has.
This is once you provide all of the required inputs into the function it will return the periodic payment youll need to make. The PMT function syntax has the following arguments. 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. We make monthly payments so we use 512 for Rate and.
