Returns a Double specifying the payment for an annuity based on periodic, fixed payments and a fixed interest rate.
Function Pmt( _ ByVal Rate As Double, _ ByVal NPer As Double, _ ByVal PV As Double, _ Optional ByVal FV As Double = 0, _ Optional ByVal Due As DueDate = DueDate.EndOfPeriod _ ) As Double
- Required. Double specifying interest rate per period. For example, if you get a car loan at an annual percentage rate (APR) of 10 percent and make monthly payments, the rate per period is 0.1/12, or 0.0083.
- Required. Double specifying total number of payment periods in the annuity. For example, if you make monthly payments on a four-year car loan, your loan has a total of 4 * 12 (or 48) payment periods.
- Required. Double specifying present value (or lump sum) that a series of payments to be paid in the future is worth now. For example, when you borrow money to buy a car, the loan amount is the present value to the lender of the monthly car payments you will make.
- Optional. Double specifying future value or cash balance you want after you've made the final payment. For example, the future value of a loan is $0 because that's its value after the final payment. However, if you want to save $50,000 over 18 years for your child's education, then $50,000 is the future value. If omitted, 0 is assumed.
- Optional. Object of type
Microsoft.VisualBasic.DueDatethat specifies when payments are due. This argument must be either
DueDate.EndOfPeriodif payments are due at the end of the payment period, or
DueDate.BegOfPeriodif payments are due at the beginning of the period. If omitted,
An annuity is a series of fixed cash payments made over a period of time. An annuity can be a loan (such as a home mortgage) or an investment (such as a monthly savings plan).
The Rate and NPer arguments must be calculated using payment periods expressed in the same units. For example, if Rate is calculated using months, NPer must also be calculated using months.
For all arguments, cash paid out (such as deposits to savings) is represented by negative numbers; cash received (such as dividend checks) is represented by positive numbers.
This example uses the Pmt function to return the monthly payment for a loan over a fixed period. Given are the interest percentage rate per period (
APR / 12), the total number of payments (
TotPmts), the present value or principal of the loan (
PVal), the future value of the loan (
FVal), and a number that indicates whether the payment is due at the beginning or end of the payment period
Sub TestPMT() Dim PVal, APR, FVal, Payment, TotPmts As Double Dim PayType As DueDate Dim Fmt As String Dim Response As MsgBoxResult Fmt = "###,###,##0.00" ' Define money format. FVal = 0 ' Usually 0 for a loan. PVal = CDbl(InputBox("How much do you want to borrow?")) APR = CDbl(InputBox("What is the annual percentage rate of your loan?")) If APR > 1 Then APR = APR / 100 ' Ensure proper form. TotPmts = CDbl(InputBox("How many monthly payments will you make?")) Response = MsgBox("Do you make payments at the end of month?", MsgBoxStyle.YesNo) If Response = MsgBoxResult.No Then PayType = DueDate.BegOfPeriod Else PayType = DueDate.BegOfPeriod End If Payment = Pmt(APR / 12, TotPmts, -PVal, FVal, PayType) MsgBox("Your payment will be " & Format(Payment, Fmt) & " per month.") End Sub
Assembly: Microsoft Visual Basic .NET Runtime (in Microsoft.VisualBasic.dll)
DDB Function | FV Function | IPmt Function | IRR Function | MIRR Function | NPer Function | NPV Function | PPmt Function | PV Function | Rate Function | SLN Function | SYD Function | ArgumentException Class