Join Dennis Taylor for an in-depth discussion in this video Calculating payments with PMT, part of Excel 2010: Advanced Formulas and Functions.
A major category of functions in Excel is Financial.…In the Formulas tab, on the Ribbon in Excel, click the Financial indicator right…here, and we'll see well over 50 of them.…If you are in the world of banking, mortgage, finance, you certainly will have…some familiarity with many of these.…However, one that gets almost anybody's attention, even if you are not active in…that area, is a function that allows you to calculate the monthly payment on a…loan, if it's a car loan, house loan, boat loan--whatever. And it's pretty easily handled.…
One thing to point out about this function, as well as a number of the other…functions in this category, is that very often you will be using an interest…rate--for example, 5%, 4.3%, whatever. You must remember to divide it by 12.…The function we're talking about here is PMT, payment. It requires three…arguments in its basic form.…We are about to borrow $25,000.…We want to pay this off over 4 years.…The yearly interest rate is 5%.…
Rate is the first item that we need here. 5%, divide by 12. Very often the loan is 12 months.…
- Referencing, copying, updating, and converting formulas
- Using the logical functions and creating compound logic tests
- Searching for and matching data based on specific criteria
- Reconfiguring cell data using text functions
- Calculating dates, times, and days of the week
- Analyzing mathematical and financial data
- Using the power functions, COUNTIFS, SUMIFS, and AVERAGEIFS
- Working with rounding functions
- Returning cell references
Skill Level Advanced
1. Formula and Function Tips and Shortcuts
2. Formula and Function Tools
3. IF and Related Functions
4. Lookup and Reference Functions
5. Power Functions
6. Statistical Functions
7. Date Functions
8. Math Functions
9. Array Formulas and Functions
10. Text Functions
11. Financial Functions
12. Information Functions
13. Reference Functions
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