WorksheetFunction.Pmt(Double, Double, Double, Object, Object) Method
Definition
Important
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Calculates the payment for a loan based on constant payments and a constant interest rate.
public double Pmt (double Arg1, double Arg2, double Arg3, object Arg4, object Arg5);Public Function Pmt (Arg1 As Double, Arg2 As Double, Arg3 As Double, Optional Arg4 As Object, Optional Arg5 As Object) As DoubleParameters
- Arg1
- Double
Rate - the interest rate for the loan.
- Arg2
- Double
Nper - the total number of payments for the loan.
- Arg3
- Double
Pv - the present value, or the total amount that a series of future payments is worth now; also known as the principal.
- Arg4
- Object
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
- Object
Type - the number 0 (zero) or 1 and indicates when payments are due.
Returns
Remarks
For a more complete description of the arguments in Pmt, see the Pv(Double, Double, Double, Object, Object) function.
| 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.