Returns the payment for a loan based on constant payments and a constant interest rate.

PMT( rate, terms, present value, future value, type] )

Argument | Required/ Optional | Description |
---|---|---|

rate | Required | Numeric. Interest rate of the loan for each period. Expressed as a decimal number. Divide the rate by 100 to express it as a decimal number. Must be greater than or equal to 0. |

terms | Required | Numeric. Number of periods or payments. Must be greater than 0. |

present value | Required | Numeric. Principal for the loan. |

future value | Optional | Numeric. Cash balance you want to attain after the last payment. If you omit this value, PMT uses 0. |

type | Optional | Boolean. Timing of the payment. Enter 1 if payment is at the beginning of period. Enter 0 if payment is at the end of period. Default is 0. If you enter a value other than 0 or 1, Data Integration treats the value as 1. |

Numeric.

The following expression returns -2111.64 as the monthly payment amount of a loan:

PMT( 0.01, 10, 20000 )

To calculate interest rate earned in each period, divide the annual rate by the number of payments made in a year. For example, if you make monthly payments at an annual interest rate of 15%, the rate is 15%/12. If you make annual payments, the rate is 15%.

The payment value is negative because these are amounts that you pay.

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