Final answer:
The num_periods argument in the PMT function represents the total number of payments in a loan.
Step-by-step explanation:
The total number of payments in a loan is represented by the num_periods argument in the PMT function.
For example, if you have a loan with a duration of 10 years, and you make monthly payments, the num_periods would be 10 multiplied by 12 months, which is 120.
The PMT function in Excel or other spreadsheet software can be used to calculate the regular payment amount for a loan, taking into account factors such as interest rate, principal amount, and number of payments.
The term you are looking for is the nper argument in the PMT function. In financial formulas, the PMT function is used to calculate the regular payment amount for a loan or investment based on constant payments and a constant interest rate.
The nper stands for "number of periods" and is an integral part of the formula. It represents the total number of payments required to settle the loan.