What is the purpose of the PMT function in Excel? MCQ with Answer and Explanation

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What is the purpose of the PMT function in Excel?

A. Converts a number to text with currency format

B. Calculates the periodic payment for a loan based on constant payments and interest rate

C. Returns the present value of an investment

D. Projects the future value of an investment

Answer: Option B

Solution (By JKSSB Mock Tests)

PMT(rate, nper, pv) computes loan payment. FV returns future value, PV present value.

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Correct Answer: Option B

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