student loans, mortgage), and negative numbers for investments (e.g. use a monthly interest rate if you are using monthly payments). You can input annual payments or monthly payments, but remember to adjust the interest rate accordingly (i.e. For most calculations, it’s the number of payments or contributions you make. This is the number of periods in the payment calculation. This is the interest rate (either that you will pay, or you will receive if you are investing).
Let’s run through the variables in the payment function, one-by-one: Rate Once you type in =PMT(, Google Sheets knows you are trying to calculate a payment function and guides you right along each step of the way: To use the payment function, simply type =PMT(into any cell of the spreadsheet You can build complicated spreadsheets or use fancy software to more precisely do these types of calculations, but the simple PMT function can get you a ballpark answer. Calculations using the payment (PMT) function with Google Sheets
In this post, I’ll review the Payment (PMT) function, which is a great function for student loan and retirement calculations. In a previous post, I discussed the Future Value function. In personal finance, there are a couple of key spreadsheet functions you should be familiar with. I have an app on my iPhone that does radiation dose conversions when I need it in the clinic. However, I do know that doctors like to use calculators when necessary in the clinic. I know that doctors, in general, don’t like working with numbers.
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