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.

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