PMTprincipal - principal amount.interestRate - interest rate. If the interest rate is annual, divide the rate by 12.term - length of time, expressed in number of months.In the following example, the PMT function calculates payments for purchasing a sports car costing $21,000, at an annual rate of 6.9% over 48 monthly payments.PMT(21000;.069/12;48) returns the payment amount $501.90.PMT(Cost;.13;Years) returns a payment amount, based on the purchase value stored in Cost, at a 13 percent rate, over the duration stored in Years.“Your payment will be ” & PMT(150000;.13/12;Months) & “.” returns Your payment will be, followed by the payment amount, based on a total cost of $150,000, at a 13 percent annual percentage rate, over the duration stored in Months.

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