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PMTXL
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Formula Reference > Built-In Functions > PMTXL

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PMTXL


Name

Payment calculation

Description

Returns the payment amount for a loan given the present value, specified interest rate, and number of terms.

Syntax

PMTXL(Rate, Nper, Pval, Fval, Type)

Remarks

Arguments are as follows:

Argument Description
Rate Value of interest rate per period
Nper Total number of payment periods
Pval Present value, worth now
Fval [Optional] Future value, cash value after the last payment; if omitted, the calculation uses zero
Type [Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0)

Be sure that the interest rate and the number of payment periods correspond to the same units. If payment periods are monthly, then the interest rate should be calculated per month. If the interest rate is 6 percent annually, you can use 6% or (6/100) or 0.06 for the rate argument if the payment period is a year, but for monthly pay periods, divide the 6% by 12. The payment returned includes principal and interest but, no taxes, reserve payments, or fees.

The result is represented by a negative number because it is money paid out by you.

This formula function is used in place of the PMT formula when importing from an xlsx file. Formulas which use the PMTXL function, will be saved to an xlsx file as the PMT function.

See the PV function for the formula used to calculate financial values.

See also FV, NPER, PV.

Data Type

Accepts numeric data for all arguments. Returns numeric data. For more information, see Data Type for Each Cell Type.

Example

PMTXL(R1C2,R2C4,R2C5,R2C6,1)
PMTXL(0.005,15,5000,0,1)=-$345.10

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