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Answer and Explanation:
First of all we should have to know about PMT
PMT
stands for payment .payment that you want to send and receive.It is used in financial calculators and equation. It is a payment that return the periodic payment for a loan.
From the given statement we have to calculate the PMT for this purpose .
let us consider example where we take loan amount and have some interest and then calculate it.
loan of amount = $6000.00
Interest rate = 4.20%
period per year=15
period = 60
then monthly payment = $ 111.40
Using Excel then we get the monthly payment in cell C9
as calculations has been shown in the excel.
where you can get function who returns a positive value.
