Final answer:
The formula =PMT(0.03/12,12*3,15000,-2000) includes a payment.
Step-by-step explanation:
The formula =PMT(0.03/12,12*3,15000,-2000) includes a payment.
The payment amount for a loan or investment is determined using the PMT formula. The interest rate per period is the first input in this formula; the total number of periods is the second; the present value or principal is the third; and the future value or balloon payment (optional) is the fourth. The method in this instance determines the monthly payment amount for a loan with a $15,000 principle, a 3,000 balloon payment, 12 periods per year, a total of 12*3 periods, and an interest rate of 3% per year.