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Excel translation needed
i have the formula and want to know what it all means. the formula calculates a monthly payment on a loan. the formula is:
=PMT((C1*0.01)/12,C3*12,C2,0) where PMT = monthly payment C1 = interest rate as a whole number C2 = loan amount C3 = length of loan in years what does the first 12 and the 0 mean? also, i dont understand the english translation/logic of this formula. original formula can be found here thanks. |
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