FormuladrillLoan instalment
An Excel formula exercise from Formuladrill. Solve it with a formula bar on a live sheet in your browser, and it is checked the moment you submit.
The task
Calculate the monthly instalment with PMT. Rates and terms are yearly, payments are monthly. Banks do not use cents in instalments, so round the result up to a whole amount. The answer must be a positive number.
What this exercise teaches
PMT needs rate and periods in the same unit. ROUNDUP with 0 decimals rounds up to the next whole amount.
A hint if you get stuck
PMT(rate per period, number of periods, present value). Convert the yearly rate and the years into monthly values, and put a minus in front of the loan amount to get a positive payment.
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