# Pmt Function

If you don’t know a function, then click on the insert function icon by the formula bar above the column headings to open the Insert Function dialog box and type in the Search for function box the type of function you want to use.

1. Open the moto.xls worksheet and then use the payment function to calculate the monthly payment. 2. In cell D3, enter the formula containing the PMT function for a three-year loan: =pmt(c3/12,3*12,b3)—the monthly payment should be ($321.85). The parentheses indicate a negative number or in this case a payment.

3. If the amount in cell D3 is correct, replicate the formula through cell D7 ($409.07, $353.55, $256.30, $407.04).

4. Save your work.

5. Go to the next section on Using the IF Function.

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