For anyone who is familiar with Excel, how would I go about doing this monthly payment on there?

Question

Use the Excel Function PMT (Monthly Interest Rate, Total Number of Payments, Principle) to find the monthly payments.
Principle= $1000
Interest= 12%
Years = 15
How would I go about doing this? Any help would be greatly appreciated.

Anonymous · Accepted Answer

Select any cell on you Excel worksheet. 

Use Formulas , Financial , PMT.

The PMT dialog box opens.

Rate should be 12%/12, or 0.01 since the payment is monthly
Nper is the number of payments for the loan which is 15 years x 12 months or 180

Pv is the present value of the loan which is $1,000 in this case. Before you press Enter to find out the periodic payment, put a negative (minus) sign before the $1,000 because the result will be a negative number. 

In this case, the answer is $12.00. You will pay $12.00 each month for the next 15 years to pay the $1,000 loan at 12% per year interest.

Anonymous · Answer

Do these help?

http://www.easyexceltutorial.com/excel-pmt.html

http://office.microsoft.com/en-us/excel-help/pmt-HP005209215.aspx

http://spreadsheets.about.com/od/excelfunctions/qt/20071020.htm

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For anyone who is familiar with Excel, how would I go about doing this monthly payment on there?

2 Answers