Hi and welcome students! Today's tutorial will cover Microsoft Excel 2016 and how to calculate a loan payment using the PMT function. The PMT function calculates loan payments based on the constant interest rate and constant payments. I'm going to use buying a car as my example for today's scenario. Let's go ahead and get started. So, I have car loans right here and I have a business loan request. Let's say that you're going out and you're going to buy a car for thirty thousand dollars, but you don't have any money. So, you need to take out a loan. Well, the loan amount is going to be thirty thousand dollars. So, I basically set up a spreadsheet here. It's very easy to set it up the same way if you want, no matter if it's a car loan, a house loan, or anything else that you might be looking at. So, right here, I put basically three columns. I have column A which is my first loan option, column B and column C, those are my three loan options right there. Let's say that I have three different options for this loan. As I said, the loan amount is right here, that's thirty thousand dollars for each of them. And then, I see that from there my numbers change a little bit. Right here is the annual interest rate, and then right here are the number of years. For instance, the first loan option says thirty thousand dollars for a six percent interest rate and five years. The next one says thirty thousand dollars, five percent interest rate, so a little bit lower of an annual interest rate, and then the number of years you have longer to pay it off. And finally, thirty thousand dollars, four percent interest rate,...
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