# Documentation/Calc Functions/PMT

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PMT

## Category:

Financial Analysis

## Summary:

Calculates the periodic payment for an annuity with constant interest rates.

## Syntax:

PMT(Rate; NPer; PV[; [FV] [; Type] ])

## Returns:

Returns a real number (in currency units) which is the payment made each period for investment with given parameters.

## Arguments:

Rate is a real number (expressed as a percentage or fraction) or a reference to the cell containing that number which is the periodic interest rate.

NPer is a real number or a reference to the cell containing that number which is the number of periods in which annuity is paid.

PV is a real number or a reference to the cell containing that number which is the present cash value in a sequence of payments.

FV is a real number or a reference to the cell containing that number which is the desired value (future value) at the end of the periods. If it is omitted, then the function uses 0.

Type is the due date of the payment at the beginning or end of each period. If it is omitted, then the function uses 0.

Type Maturity Date
0 due at the end
1 due at the beginning
• If NPer is 0 then the function returns an error value.
• If Type is anything accept 0 or 1, then the function returns an error value.

## Additional details:

• PMT solves the following equation for Pmt:

## Examples:

Formula Description Returns
=PMT(1.99%/12;36;25000;30000;1) The function calculates the periodic payments at a yearly interest rate of 1.99% if the payment time is 3 years and the cash value is 25,000 currency units. There are 36 months as 36 payment periods, and the interest rate per payment period is 1.99%/12 and the desired value at the end of the period as 30000. (due at the beginning) -1,522.83 (currency units)
=PMT(1.99%/12;36;25000) The function calculates the periodic payments at a yearly interest rate of 1.99% if the payment time is 3 years and the cash value is 25,000 currency units. There are 36 months as 36 payment periods, and the interest rate per payment period is 1.99%/12, and the desired value at the end of the period as 0 by default. (due at the end) -715.96 (currency units)

PMT