State the parameters of Excel's PMT function. What is the use of this function ?

The parameters of the PMT function are as follows. 1. Rate: Interest rate per period of loan. 2. Nper: Total number of payments for the loan. Its units should match with the unit of interest rate. 3. PV: Present value i.e. loan amount. 4. FV: Future value, which is taken as zero, is the balance at the end of the loan period. 5. Type: Whether payment is made at the beginning (value =$\displaystyle 1$) or at the end (value period. = $\displaystyle 0$) of the USE : This function calculates the periodic payment for an annuity assuming equal payment and a constant rate of interest.