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 $\underline {\text { year }}$ and the total months to pay off the loan._________________________

Question

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The interest rate should be based on the interest rate per month, not per year, and the number of payments should be the total number of months to pay off the loan.

When Using the PMT Function to Calculate Monthly Loan Payments,the year ‾\underline {\text { year }} year ​

When Using the PMT Function to Calculate Monthly Loan Payments,the $\underline {\text { year }}$