Question

PMT Method is used to prepare _________. (Payroll statement/Loan repayment statement)

Hint:

The PMT function is useful in financial calculations, especially for determining periodic payments required for loan repayments.

Answer 1

Step 1: Understanding PMT Method.
The PMT function is commonly used in finance to calculate the payment amount for a loan based on constant payments and a constant interest rate. This method is used for preparing a loan repayment statement, where it helps calculate the periodic payment required to repay a loan.
Step 2: Conclusion.
The correct answer is Loan repayment statement, as the PMT method is specifically used for calculating loan payments.