PMT
Returns the payment (PMT) required by the term, interest rate, and principal.
Format
PMT ( principal ; interestRate ; term )
Parameters
principal - 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.
Data type returned
number
Originated in version
6.0 or earlier
Description
Use this function to calculate PMT.
Example 1
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.
Example 2
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.
Example 3
"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.