PMT

Description: Calculates the loan payment for a loan based on constant payments and constant interest rates.

Syntax: PMT(Rate, Nper, PV, [Fv], [Type])

For a more complete description of the arguments in PMT, see the PV function.
Rate is the interest rate for the loan.
Nper is the total number of payments for the loan.
PV is the present value, or the total amount that a series of future payments is worth now; also known as the principal.
Fv is the future value, or a cash balance you want to attain after the last payment is made. If Fv is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0.
Type is the number 0 (zero) or 1 and indicates when payments are due.

Set Type equal to	If payments are due
0 or omitted	At the end of the period
1	At the beginning of the period

Remarks:

The payment returned by PMT includes principal and interest but no taxes, reserve payments or fees sometimes associated with loans.
Make sure that you are consistent about the units you use for specifying Rate and Nper. If you make monthly payments on a four-year loan at an annual interest rate of 12 percent, use 0.12/12 for Rate and 4*12 for Nper. If you make annual payments on the same loan, use 0.12 percent for Rate and 4 for Nper.

Examples:

PMT(.08/12, 10, 10000, 0, 0) = -1,037.03

Monthly payment for a loan with the above terms, except payments are due at the beginning of the period.

PMT(.08/12, 10, 10000, 0, 1) = -1,030.16

PMT(.06/12, 18*12, 0, 50000, 0) = -129.08