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Excel Chapter 4

Financial Functions
Predefined formulas that perform common business calculations, and which typically involve a period of time such as months or years.
Interest
The amount charged for the use of borrowed money.
Rate
In the Excel PMT function, the term used to indicate the interest rate for a loan.
Present Value (PV)
The total amount that a series of future payments is worth now.
Principal
Another term for present value
Nper
The abbreviation for number of time periods in various Excel functions.
Future Value (FV)
The value at the end of the time periods in an Excel functions; the cash balance you want to attain after the last payment is made-usually zero for loans.
Arguments
The values that an Excel function uses to perform calculations or operations.
PMT Functions
An Excel function that calculates the payment for a loan based on constant payments and at a constant interest rate.
Type Argument
An optional argument in the PMT function that assumes that the payment will be made at the end of each period.

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