# Pmt - script and chart function

This function returns the payment for a loan based on periodic, constant payments and a constant interest rate. It cannot change over the life of the annuity. A payment is stated as a negative number, for example, -20.

Pmt(rate, nper, pv [ ,fv [ , type ] ] )

Return data type: numeric. The result has a default number format of money. .

To find the total amount paid over the duration of the loan, multiply the returned pmt value by nper.

Arguments:

PmtPmt arguments

| Argument | Description |
| --- | --- |
| rate | The interest rate per<br>period. |
| nper | The total number of<br>payment periods in an annuity. |
| pv | The present value, or<br>lump-sum amount, that a series of future payments is worth right now.<br>If pv is omitted, it is assumed<br>to be 0 (zero). |
| fv | The future value, or<br>cash balance, you want to attain after the last payment is made. If fv is omitted, it is assumed to be<br>0. |
| type | Should be 0 if payments<br>are due at the end of the period and 1 if payments are due at the beginning<br>of the period. If type is omitted,<br>it is assumed to be 0. |

Examples and results:

Examples and results

| Example | Result |
| --- | --- |
| The following formula returns the monthly<br>payment on a $20,000 loan at an annual rate of 10 percent, that must<br>be paid off in 8 months:<br><br>`Pmt(0.1/12,8,20000)` | Returns -$2,594.66 |
| For the same loan, if payment is due at the<br>beginning of the period, the payment is:<br><br>`Pmt(0.1/12,8,20000,0,1)` | Returns -$2,573.21 |