PMT

See also A-Z Spreadsheet Function List

Description Returns the periodic payment of an annuity, based on regular payments and a fixed periodic interest rate.

Syntax PMT(interest, nper, pv [, fv] [, type])

interest is the fixed periodic interest rate.

nper is the number of periods in the annuity.

pv is the present value, or the amount the annuity is currently worth.

fv is the future value, or the amount the annuity will be worth. When you omit this argument, a future value of 0 is assumed.

type indicates when payments are due. Use 0 if payments are due at the end of the period or 1 if payments are due at the beginning of the period. When you omit this argument, 0 is assumed.

Remarks PMT returns only the principal and interest payment, it does not include taxes or other fees.

         The units used for interest must match those used for nper. For example, if the annuity has an 8% annual interest rate over a period of 5 years, specify 8%/12 for interest and 5*12 for nper.

         Cash paid out, such as a payment, is shown as a negative number. Cash received, such as a dividend check, is shown as a positive number.

See Also FV , IPMT , NPER , PPMT , PV , and RATE functions

Examples PMT(8%/12, 48, 18000) returns -439.43

         PMT(8%/12, 48, 18000, 0, 1) returns -436.52