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.

Payment vs. Number of Payment Periods

Payment vs. Interest Rate

Payment vs. Interest Rate and Number of Payment Periods

Payment vs. Number of Payment Periods

Payment vs. Interest Rate

Payment vs. Interest Rate and Number of Payment Periods