PMT

Description Returns the periodic payment of an annuity, based on regular payments and a fixed periodic interest rate.

Syntax PMT ( interest, nper, pv [, fv] [, type] )

Argument	Description
interest	The fixed periodic interest rate.
nper	The number of periods in the annuity.
pv	The present value, or the amount the annuity is currently worth.
[fv]	The future value, or the amount the annuity will be worth. If this argument is omitted, 0 is used.
[type]	Indicates when payments are due. Use 0 if payments are due at the end of the period or 1 if payments are due at the beginning of the period. If this argument is omitted, 0 is used.

Remarks PMT returns only the principal and interest payment, it does not include taxes or other fees.

The units used for interest must match those used for nper. For example, if the annuity has an 8 percent annual interest rate over a period of 5 years, specify 8 percent/12 for interest and 5*12 for nper.

Cash paid out, such as a payment, is shown as a negative number. Cash received, such as a dividend check, is shown as a positive number.

Examples This function returns -439.43:

PMT(8%/12, 48, 18000)

This function returns -436.52:

PMT(8%/12, 48, 18000, 0, 1)

See Also FV, CUMIPMT, CUMPRINC, IPMT, NPER, PPMT, PV, RATE