Excel PMT Function - house or car loan payment | Excel One Minute Quick Reference

One of Excel's most popular financial functions is the PMT function. The PMT function will calculate your payments for a loan based on the interest rate, loan amount, and the number of periods. You would use the PMT function to calculate a car or house loan.

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PMT function arguments
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The PMT function has five arguments. Three of the five are required.
* rate - The interest rate for the loan.
* nper - The total number of payments for the loan
* pv - The present value, or the total value of all loan payments now.
* fv - [optional] The future value or a cash balance you want after the last payment is made. Defaults to 0 (zero).
* type - [optional] When payments are due. 0 = end of the period. 1 = beginning of the period. Default is 0.

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