The PMT function calculates the periodic payment for an annuity.

PMT takes 3 required arguments and 2 optional arguments:

Syntax: PMT(rate, nper, pv, [fv], [type])

#1)
Using the PMT function with only the required arguments:
#2)
Using the PMT function with the optional arguments:
#3)
The arguments for the PMT function are:
Argument Required? Description
rate Required The interest rate per period.
nper Required The total number of payment periods in an annuity.
pv Required The present value — the total amount that a series of future payments is worth now.
fv Optional 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.
type Optional The number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0:
Possible type argument values:

Summary

The PMT function calculates the periodic payment for an annuity.
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