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Calculate monthly payment with PMT

Calculate monthly payment with PMT: Excel for Mac 2016: Advanced Formulas and Functions
Calculate monthly payment with PMT: Excel for Mac 2016: Advanced Formulas and Functions

Use the PMT function to calculate the monthly payment for a loan based on a rate, a term, and amount borrowed. If the rate is 4%, the term is 360 months, and the amount borrowed is $300,000, type =PMT(4%/12,360,300000). The result - 1,434.25 - is the principal and interest payment for each month for 30 years.

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