Question:
State the parameters of Excel’s PMT function. What is the use of this function?
State the parameters of Excel’s PMT function. What is the use of this function?
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Use the PMT function for financial planning by determining periodic payments for loans or investments.
Updated On: Jan 18, 2025
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Solution and Explanation
- PMT Function Parameters:
1. Rate: Interest rate per period.
2. Nper: Total number of payment periods.
3. PV: Present value or loan amount.
- Use: The PMT function calculates the payment amount for a loan based on constant interest rates and payments.
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