PMT Function
What does the 'fv' do in the PMT Function?
Thank you in advance, Annie |
Say you take a loan of 1000 and at end of 12 months want to leave a loan
balance of say $400. How much would you pay in equal instalements in 12 months in order to pay off 600 of loan and leave 400 ? FV is that $400 therefore =PMT(rate/12,12,-1000,400) "Annie" wrote in message ... What does the 'fv' do in the PMT Function? Thank you in advance, Annie |
Good answer from N
Sometimes this remaining amount is paid off with a "balloon payment" -- Bernard V Liengme www.stfx.ca/people/bliengme remove caps from email "Annie" wrote in message ... What does the 'fv' do in the PMT Function? Thank you in advance, Annie |
N Harkawat wrote...
Say you take a loan of 1000 and at end of 12 months want to leave a loan balance of say $400. How much would you pay in equal instalements in 12 months in order to pay off 600 of loan and leave 400 ? FV is that $400 therefore =PMT(rate/12,12,-1000,400) .... Putting this a different way, PMT(r,n,PV,FV) = PMT(r,n,PV+FV/(1+r)^n) |
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