XL Loan payments - Computer Definition
Excel can be used as a monthly loan payment calculator by entering the appropriate values.
1. Highlight a cell to place the result. 2. Click Function button. 3. Select PMT from Financial category. 4. In Rate, enter interest rate, followed by a percent sign, then a slash and number of payments per year. 5. In Nper, enter duration of loan in months, in this case, a 30 year loan. 6. In Pv (present value), enter amount of loan. 7. View monthly payment at bottom.