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Syntax:
PMT(Rate, NPer, PV [, FV] [, Type])
Description:
This returns the payment (principal plus interest) in the given period, applicable to loans with periodic constant payments and a fixed 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 component (see PPMT function) and an interest component (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 (initial amount)
FV (optional) is the future value (the total value after the last payment). If the argument FV is 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: