PMT
Purpose
Returns the payment (PMT) required by the term, interest rate, and principal.
Format
PMT(principal;interestRate;term)
Parameters
principal - principal amount.
interestRate - interest rate. If the interest rate is annual, divide the rate by 12.
term - length of time, expressed in number of months.
Data type returned
number
Originated in
FileMaker Pro 6.0 or earlier
Description
Use this function to calculate PMT.
Examples
In the following example, the PMT function calculates payments for purchasing a sports car costing \$21,000, at an annual rate of 6.9% over 48 monthly payments.
PMT(21000;.069/12;48) returns the payment amount \$501.90.
PMT(Cost;.13;Years) returns a payment amount, based on the purchase value stored in Cost, at a 13 percent rate, over the duration stored in Years.
“Your payment will be ” & PMT(150000;.13/12;Months) & “.” returns Your payment will be, followed by the payment amount, based on a total cost of \$150,000, at a 13 percent annual percentage rate, over the duration stored in Months.
Related topics
Functions reference (category list)
Functions reference (alphabetical list)