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| Contents > Functions reference (alphabetical list) > Financial functions > PMT function |
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| PMT function |
| Format |
PMT(principal;interestRate;term) |
| Parameters |
| principal - principal amount. |
| interestRate - interest rate. If the interest rate is annual, divide the rate by 12. |
| term - length of time, expressed in number of months. |
| Data type returned |
| number |
| Description |
| Returns the payment required to meet the requirements of the term, interestRate, and principal you supply. |
| Examples |
| In the following example, the PMT function calculates payments for purchasing a sports car costing $21,000, at an annual rate of 6.9% over 48 monthly payments. |
| PMT(21000;.069/12;48) returns the payment amount $501.90. |
| PMT(Cost;.13;Years) returns a payment amount, based on the purchase value stored in Cost, at a 13 percent rate, over the duration stored in Years. |
| Related topics |
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Functions reference (category list) |
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Functions reference (alphabetical list) |
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About formulas |
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About functions |
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Defining calculation fields |
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Using operators in formulas |
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| Contents > Functions reference (alphabetical list) > Financial functions > PMT function |
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