The formula to figure out the monthly payment would be B. =PMT(A1/12, A2*12, -A3)
How to find the formula ?
In Excel, you can calculate the monthly payment for a loan or mortgage using the PMT function. The PMT function has the following syntax:
=PMT(rate, nper, pv, [fv], [type])
If you have the interest rate in cell A1, the number of payment periods in cell A2, and the principal amount in cell A3. You can calculate the monthly payment in cell A4 using the PMT function like this:
=PMT(A1/12, A2*12, -A3)
After you enter this formula and press Enter, you will see the monthly payment amount in cell A4.
The full question is;
Excel can be used for all sorts of calculations including finding the monthly payments of a loan. What is the formula to figure out the monthly payment? (show formula first with cell addresses, then when you hit enter, you should see the monthly payment amount, including the payment amount also.)
A. =PV(A1/12, A2*12, -A3)
B. =PMT(A1/12, A2*12, -A3)
C. =FV(A1/12, A2*12, -A3)
D. =SUM(A1/12, A2*12, -A3)