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If you have a set number of payments and a constant interest rate, use the PMT function.

PMT(rate,nper,pv,fv,type)

  • Rate = Interest rate for the loan
  • Nper = Total number of payments for the loan
  • Pv = Present Value (total amount a series of future payments is worth now). Also known as Principal
  • Fv = [optional] Future Value (cash balance after the last payment). If you omit Fv, it is assumed to be 0 (zero). (e.g., The loan is paid off.)
  • Type = [optional] Indicates when payments are due
    • 0 or omitted = End of the period
    • 1 = Beginning of the period
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15y ago

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