pmt is used to calculate variable payment loans True or Fals

Solution

Ans. True

PMT, one of the financial functions, calculates the payment for a loan based on constant payments and a constant interest rate.

PMT(rate, nper, pv, [fv], [type])

The PMT function syntax has the following arguments:

Rate Required. The interest rate for the loan.

Nper Required. The total number of payments for the loan.

Pv Required. The present value, or the total amount that a series of future payments is worth now; also known as the principal.

Fv Optional. The future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0.

Type Optional. The number 0 (zero) or 1 and indicates when payments are due.