PMT stands for payment in an ordinary annuity.It is used to calculate the monthly payment for a loan amount with the interest rate given.So here we have to calculate the monthly payment and multiply the total monthly payment with the number of period of payment to get the total amount we will be paying and then subtract witht the initial amount to get the interest.
I hope it helps but if you have any further doubt then you can surely ask
Oct 30th, 2015
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