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Apr 13, 2022 · To get the monthly payment amount for a loan with four percent interest, 48 payments, and an amount of $20,000, you would use this formula: =PMT(B2/12,B3,B4) As you see here, the interest rate is in cell B2 and we divide that by 12 to obtain the monthly interest. Then, the number of payments is in cell B3 and loan amount in cell B4.
PMT function. PMT, one of the financial functions, calculates the payment for a loan based on constant payments and a constant interest rate. Use the Excel Formula Coach to figure out a monthly loan payment. At the same time, you'll learn how to use the PMT function in a formula.
Jul 6, 2024 · Calculate monthly payments on a loan, including a mortgage loan payment, a credit card loan payment, a down payment calculation, a loan payoff time, and a monthly payment goal. We have used Microsoft 365 to prepare this article, but these methods are also applicable to Excel 2021, 2019, 2016, 2013, 2010, and 2007.
Nov 6, 2024 · Type "Balance" in cell A1, "Interest rate" in cell A2 and "Periods" in cell A3. Type "Monthly Payment" in cell A4. Enter the variables for your loan or credit card account in the cells from B1 down to B3 to create your Excel formula. The outstanding balance due will be entered in cell B1.
The annual interest rate for saving is 1.5%. Using the function PMT (rate,NPER,PV,FV) =PMT (1.5%/12,3*12,0,8500) to save $8,500 in three years would require a savings of $230.99 each month for three years. The rate argument is 1.5% divided by 12, the number of months in a year. The NPER argument is 3*12 for twelve monthly payments over three years.
Jul 6, 2024 · Method 4 – Use a Generic Formula to Calculate a Loan Payment in Excel. Steps: Select C10, where you want to keep the Total Payment. Use the formula given below in the C10 cell. =C5*(1+C7*(C8*12)) Formula Breakdown. In this formula, we have converted years to months by multiplying 12 with C8 cell value. Output: 60.
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Aug 30, 2024 · Write the PMT function as below: = PMT (. Specify the interest rate as the first argument. = PMT ( B2. Our loan bears a constant interest rate of 15%, so that goes in as our rate argument as Cell B2. If you are not creating a reference to a cell but writing it in the function manually: Do not forget to suffix the rate with a percentage sign (%).
