Pmt - script and chart function

This function returns the payment for a loan based on periodic, constant payments and a constant interest rate.

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:

Argument	Description
rate	The interest rate per period.
nper	The total number of payment periods in an annuity.
pmt	The payment made each period. It cannot change over the life of the annuity. A payment is stated as a negative number, for example, -20.
pv	The present value, or lump-sum amount, that a series of future payments is worth right now. If pv is omitted, it is assumed to be 0 (zero).
fv	The future value, or cash balance, you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0.
type	Should be 0 if payments are due at the end of the period and 1 if payments are due at the beginning of the period. If type is omitted, it is assumed to be 0.

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

Example

Result

The following formula returns the monthly payment on a $20,000 loan at an annual rate of 10 percent, that must be paid off in 8 months:

Pmt(0.1/12,8,20000)

Returns -$2,594.66

For the same loan, if payment is due at the beginning of the period, the payment is:

Pmt(0.1/12,8,20000,0,1)

Returns -$2,573.21

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