PMTXL
Name
Payment calculation
Description
Returns the payment amount for a loan given the present value, specified interest rate, and number of terms.
Syntax
PMTXL(Rate, Nper, Pval, Fval, Type)
Remarks
Arguments are as follows:
| Argument | Description |
|---|---|
| Rate | Value of interest rate per period |
| Nper | Total number of payment periods |
| Pval | Present value, worth now |
| Fval | [Optional] Future value, cash value after the last payment; if omitted, the calculation uses zero |
| Type | [Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0) |
Be sure that the interest rate and the number of payment periods correspond to the same units. If payment periods are monthly, then the interest rate should be calculated per month. If the interest rate is 6 percent annually, you can use 6% or (6/100) or 0.06 for the rate argument if the payment period is a year, but for monthly pay periods, divide the 6% by 12. The payment returned includes principal and interest but, no taxes, reserve payments, or fees.
The result is represented by a negative number because it is money paid out by you.
This formula function is used in place of the PMT formula when importing from an xlsx file. Formulas which use the PMTXL function, will be saved to an xlsx file as the PMT function.
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
PMTXL(R1C2,R2C4,R2C5,R2C6,1)
PMTXL(0.005,15,5000,0,1)=-$345.10