In cell K2 insert a PMT function to calculate the monthly pr

In cell K2, insert a PMT function to calculate the monthly product Payment using an interest rate of 7% (per year), a loan term of 3 months, and refer to the Total Cost in J2. Make sure that the monthly Payment displays as apositive number. Use the fill handle to copy this formula down to row 8.

I dont know what my Rate,Nper,Pv,Fv and Type information should be.

Solution

the monthly product Payment using an interest rate of 7% (per year), a loan term of 3 months is

PMT=PMT(J2/K2, 3,K2,0,0)