# Financial.Pmt(Double, Double, Double, Double, DueDate) Method

## Definition

Returns a value specifying the payment for an annuity based on periodic, fixed payments and a fixed interest rate.

``public static double Pmt (double Rate, double NPer, double PV, double FV = 0, Microsoft.VisualBasic.DueDate Due = Microsoft.VisualBasic.DueDate.EndOfPeriod);``
``static member Pmt : double * double * double * double * Microsoft.VisualBasic.DueDate -> double``
``Public Function Pmt (Rate As Double, NPer As Double, PV As Double, Optional FV As Double = 0, Optional Due As DueDate = Microsoft.VisualBasic.DueDate.EndOfPeriod) As Double``

#### Parameters

Rate
Double

Required. The interest rate per period. For example, if you get a car loan at an annual percentage rate (APR) of 10 percent and make monthly payments, the rate per period is 0.1/12, or 0.0083.

NPer
Double

Required. The total number of payment periods in the annuity. For example, if you make monthly payments on a four-year car loan, your loan has a total of 4 × 12 (or 48) payment periods.

PV
Double

Required. The present value (or lump sum) that a series of payments to be paid in the future is worth now. For example, when you borrow money to buy a car, the loan amount is the present value to the lender of the monthly car payments you will make.

FV
Double

Optional. The future value or cash balance you want after you have made the final payment. For example, the future value of a loan is \$0 because that is its value after the final payment. However, if you want to save \$50,000 during 18 years for your child's education, then \$50,000 is the future value. If omitted, 0 is assumed.

Due
DueDate

Optional. Object of type DueDate that specifies when payments are due. This argument must be either `DueDate.EndOfPeriod` if payments are due at the end of the payment period, or `DueDate.BegOfPeriod` if payments are due at the beginning of the period. If omitted, `DueDate.EndOfPeriod` is assumed.

#### Returns

The payment for an annuity based on periodic, fixed payments and a fixed interest rate.

#### Exceptions

`NPer` = 0.

## Examples

This example uses the `Pmt` function to return the monthly payment for a loan during a fixed period. Given are the interest percentage rate per period (`APR / 12`), the total number of payments (`TotPmts`), the present value or principal of the loan (`PVal`), the future value of the loan (`FVal`), and a number that indicates whether the payment is due at the beginning or end of the payment period `(PayType).`

``````Sub TestPMT()
Dim PVal, APR, Payment, TotPmts As Double
Dim PayType As DueDate
Dim Response As MsgBoxResult

' Define money format.
Dim Fmt As String = "###,###,##0.00"
' Usually 0 for a loan.
Dim FVal As Double = 0
PVal = CDbl(InputBox("How much do you want to borrow?"))
APR = CDbl(InputBox("What is the annual percentage rate of your loan?"))
If APR > 1 Then APR = APR / 100 ' Ensure proper form.
TotPmts = CDbl(InputBox("How many monthly payments will you make?"))
Response = MsgBox("Do you make payments at the end of month?", MsgBoxStyle.YesNo)
If Response = MsgBoxResult.No Then
PayType = DueDate.BegOfPeriod
Else
PayType = DueDate.EndOfPeriod
End If
Payment = Pmt(APR / 12, TotPmts, -PVal, FVal, PayType)

MsgBox("Your payment will be " & Format(Payment, Fmt) & " per month.")
End Sub
``````

## Remarks

An annuity is a series of fixed cash payments made during a period of time. An annuity can be a loan (such as a home mortgage) or an investment (such as a monthly savings plan).

The `Rate` and `NPer` arguments must be calculated using payment periods expressed in the same units. For example, if `Rate` is calculated using months, `NPer` must also be calculated using months.

For all arguments, cash paid (such as deposits to savings) is represented by negative numbers; cash received (such as dividend checks) is represented by positive numbers.