PMT(rate,periods,amount<,type>)

`rate`Numeric. The interest rate per period.

`periods`Numeric. The number of payment periods over the term of the loan.

`amount`Numeric. The principal amount of the loan.

`type`Numeric constant. Specifies whether payments are due at the beginning or end of the period. Use the default of 0 for payments that are due at the end of a period. Use 1 for payments that are due at the beginning of a period.

Numeric.

You can use this function to determine the size of the payments that are required to repay an investment or loan, assuming constant payments and a constant interest rate.

You must use consistent units to specify rate and periods. For example, if you make monthly payments on a two-year loan at a rate of 6 percent, use 0.06/12 for rate and 2 * 12 for periods. If you make annual payments on the same loan, use 0.06 for rate and 2 for periods.

The return value includes principal and interest only.

The following example calculates the amount of the payments at the end of each month on a three-year $9600 loan at 8.5 percent compounded monthly:

`PMT(.085/12,
3*12, 9600)`

returns **303.05**. The amount of
the payment is $303.05.