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Syntax:
PMT(Rate, NPer, PV [, FV] [, Type])
Description:
Returns the payment (principal plus interest) in the given period, applicable to loans with periodic constant payments, and a constant interest rate.
You can use this function, for example, to calculate how large the (constant) payments are per period. These payments ("annuities") always consist of a principal portion (see PPMT function) and an interest portion (see IPMT function).
"Period" means a payment period. For example, for a loan with monthly repayments, the third period is the third month.
The function expects the following arguments:
Rate is the interest rate (per payment period).
NPer is the total number of payment periods.
PV is the present value.
FV (optional) is the future value (the total value after the last payment). If omitted, it will be set to zero.
Type (optional) is the timing of the payments:
0 or omitted: Payment at the end of each period.
1: Payment at the beginning of each period.
Example:
PMT(6.5%, 10, 1000) returns -139.10
See also: