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Pmt Function Example
This example uses the
Pmt function to return the monthly payment for a loan over a fixed period. Given are the interest percentage rate per period (
APR / 12
), the total number of payments (
TotPmts
), the present value or principal of the loan (
PVal
), the future value of the loan (
FVal
), and a number that indicates whether the payment is due at the beginning or end of the payment period
(PayType).
Dim Fmt, FVal, PVal, APR, TotPmts, PayType, Payment
Const ENDPERIOD = 0, BEGINPERIOD = 1 ' When payments are made.
Fmt = "###,###,##0.00" ' Define money format.
FVal = 0 ' Usually 0 for a loan.
PVal = InputBox("How much do you want to borrow?")
APR = InputBox("What is the annual percentage rate of your loan?")
If APR > 1 Then APR = APR / 100 ' Ensure proper form.
TotPmts = InputBox("How many monthly payments will you make?")
PayType = MsgBox("Do you make payments at the end of month?", vbYesNo)
If PayType = vbNo Then PayType = BEGINPERIOD Else PayType = ENDPERIOD
Payment = Pmt(
APR / 12,
TotPmts,
-PVal,
FVal,
PayType)
MsgBox "Your payment will be " & Format(Payment, Fmt) & " per month."