Inputs for a monthly loan.

In this example, you will need to enter the required inputs for a loan where the PMT() function has already been entered. This is the exact same loan as in the prior example, but with one change; this loan is paid monthly.

You will need to be able to properly prorate the interest rate and correctly state the number of periods to get the correct payment amount!

This loan is as follows:

• Loan balance is $1,000,000.
• Interest is 5%, payable monthly.
• Loan amortizes for 10 years.