GRAPH SOFTWARE FOR SCIENTISTS & ENGINEERS
PMT function
PMT(rate,nper,pv,type)
Calculates the payment for a loan based on constant payments and a constant interest rate.
| rate | is the interest rate for the loan, consistent with the number of payment periods. For example if the annual interest rate is 9% (0.09) and the payments are made monthly, then rate should be 0.09/12. |
| nper | total number of payments for the loan. |
| pv | present value of the loan, also known as the principal. |
| type | indicates when payments are due. Set to 0 if payments are due at the end of each period; 1 if payments are due at the beginning of each period. |
This function is identical to Microsoft Excel's PMT function with a future value of 0.
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| Payment vs. Number of Payment Periods | Payment vs. Interest Rate | Payment vs. Interest Rate and Number of Payment Periods |
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