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syntax:functions:pmt

# Pmt(rate, num_per, curr_val)

Category: Number (Financial) function

## Description

This function calculated the periodic payment for an annuity.

Optional future value (fut_val) argument.

`pmt(rate, num_per, curr_val, fut_val)`

Optional payments due (pay_due) argument.

`pmt(rate, num_per, curr_val, fut_val, pay_due)`

## Arguments

ArgumentTypeDescription
rateNumber (decimal)The interest rate of the loan (entered as a decimal).
num_perNumberThe number of payments of the loan (usually in months or years).
curr_valNumberThe current value of the loan.
fut_valNumberOptional. The future value to be achieved after the last payment (i.e., "0" to pay the loan off in full).
The default, if not supplied, is 0.
pay_dueBinary (0 or 1)Optional. This value defines when payments are due. Options: 0 (the beginning of the period; default),
or 1 (the end of the period).

Return value type: Number

## Remarks

For an accurate calculation, be sure to convert rate and num_per to the same time period. If calculating a monthly payment and rate is an annual rate, divide it by 12 (rate / 12). If num_per is given as years, multiply by 12 (num_per * 12).

## Examples

Calculate the annual payment: Annual rate of 8%, number of periods is 3 years, value is \$20,000, (final value = default, 0).

`pmt(0.08, 3, 20000) //Returns -7760.67 (annual payment, rounded)`

Calculate the monthly payment: Annual rate of 6%, number of periods is 48 months, value is \$10,000, final value is 0 (paid off).

`pmt(0.06/12, 48, 10000) //Returns -234.85 (monthly payment, rounded)`

Calculate the monthly payment: Annual rate of 10%, number of periods is 2 years, value is \$8,000, final value is 0 (paid off), with payments due at the end of the period.

`pmt(0.10/12, 2*12, 8000, 0, 1) //Returns -366.11 (monthly payment, rounded)`