Xl-loan-payments meaning

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.
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