For example, use 6%/4 for quarterly payments at 6% APR.” If you open up the dialogue box on the ribbon, it says, “Rate is the interest rate per period for the loan.The first number it will ask you to enter is the rate.Select the box next to Scheduled payment.The PMT function calculates the payment for a loan based on constant payments and a constant interest rate. Let’s start by understanding what the Scheduled payment for this type of loan would be.
