Exercises / Finance and business maths · 6 of 14
Monthly payment on a loan
PMT(rate, periods, present value) returns the payment that pays off a loan. As with FV, match the units: a monthly payment needs a monthly rate and the number of months.
Your taskIn B5, use PMT to work out the monthly payment on a loan of B1 at the annual rate in B2 over B3 years. Show it as a positive number.
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| Row | A | B |
|---|---|---|
| 1 | Loan amount | $24,000.00 |
| 2 | Annual rate | 6.9% |
| 3 | Years | 5 |
| 4 | ||
| 5 | Monthly payment |