PMT
Name
Payment calculation
Description
Returns the payment amount given the present value, specified interest rate, and number of terms.
Syntax
PMT(Amount, Interest, Terms, TermsPerYear)
Remarks
Arguments are as follows:
| Argument | Description |
|---|---|
| Amount | Present value (for example, loan amount) |
| Interest | Interest rate expressed as annual percentage |
| Terms | Total number of terms (TermsPerYear multiplied by the number of years of the loan) |
| TermsPerYear | Number of payments per year |
Be sure to express the interest rate as per annum. For example, if the interest rate is 8 percent, use 8 for the Interest argument.
See the PV function for the formula used to calculate financial values.
Data Type
Accepts numeric data for all arguments. Returns numeric data. For more information, see Data Type for Each Cell Type.
Example
PMT(R1C2,8,16,4)
PMT(20000,6,120,12)=222.0500000000