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# WorksheetFunction.Pmt Method (Excel)

Office 2010

Calculates the payment for a loan based on constant payments and a constant interest rate.

expression .Pmt(Arg1, Arg2, Arg3, Arg4, Arg5)

expression A variable that represents a WorksheetFunction object.

### Parameters

Name

Required/Optional

Data Type

Description

Arg1

Required

Double

Rate - the interest rate for the loan.

Arg2

Required

Double

Nper - the total number of payments for the loan.

Arg3

Required

Double

Pv - the present value, or the total amount that a series of future payments is worth now; also known as the principal.

Arg4

Optional

Variant

Fv - the future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0.

Arg5

Optional

Variant

Type - the number 0 (zero) or 1 and indicates when payments are due.

### Return Value

Double

For a more complete description of the arguments in PMT, see the PV function.

Set type equal to

If payments are due

0 or omitted

At the end of the period

1

At the beginning of the period

• The payment returned by PMT includes principal and interest but no taxes, reserve payments, or fees sometimes associated with loans.

• Make sure that you are consistent about the units you use for specifying rate and nper. If you make monthly payments on a four-year loan at an annual interest rate of 12 percent, use 12%/12 for rate and 4*12 for nper. If you make annual payments on the same loan, use 12 percent for rate and 4 for nper.