Name the function which is often used to calculate the payment for mortgage loans that have fixed rate of interest. Also explain its syntax.

The name of the function is PMT. Its syntex is = PMT (rate, nper, pv [fv], [Type])where rate =is the interest rate per period. nper =is the number of periods. pv=is the present value, or the amount the future payments are worth presently. fv=is the future value, or cash balance that after the last payment is made a future value of zero when we omit the optional argument. Type=is the value $\displaystyle 0$ for payments made at the end of the period or the value $\displaystyle 1$ for payments made at the beginning of the period.