![]() ![]() PMT formula should now be entered in the cell that is the Payment cell adjacent.Let’s go through this problem in steps to see how we can calculate the interest rate that will settle a loan of $400,000 by $5,000 a month payment. PMT function is used when you want to calculate the monthly payment you need to pay to settle the loan amount. $5000 per month to settle the loan amount. In this example, we aim to find what will be the rate of interest if the person wants to pay Let’s look at an example to understand it better.
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