USING MICROSOFT EXCEL
HOW TO ADD COPY AND MOVE WORKSHEETS WITHIN EXCEL WORKBOOKS
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Question
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This function calculates the payment for a loan if you have constant payments and interest rate.
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PMT
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Explanation:
Detailed explanation-1: -The PMT Function[1] is categorized under financial Excel functions. The function helps calculate the total payment (principal and interest) required to settle a loan or an investment with a fixed interest rate over a specific time period.
Detailed explanation-2: -PMT, one of the financial functions, calculates the payment for a loan based on constant payments and a constant interest rate.
Detailed explanation-3: -In cell C6, the PMT function calculates the monthly payment, based on the annual rate, which is divided by 12 to get the monthly rate, the number of payments (periods) and the loan amount (present value): =PMT(C2/12, C3, C4)
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