When using the PMT function to calculate monthly loan payments,the interest rate and the number of payments should be based on the interest rate per month and the total ____ to pay off the loan.
A) weeks
B) months
C) years
D) any of the above

Question

Quizplus · Accepted Answer

When using the PMT function to calculate monthly loan payments, the interest rate and the number of payments should be based on the interest rate per month and the total number of months to pay off the loan. Therefore, the best choice is B (months).

When Using the PMT Function to Calculate Monthly Loan Payments,the