This video tutorial explains how to calculate loan payments using the PMT function in excel. Nper required argument Total number of payments for the loan taken. Here we again took the annual rate of 5 and the loan amount as 25000.
We make quarterly payments so we use 64 15 for Rate and 204 80 for Nper total number of periods.
Lets use the two third stimulus check proposals as our guidelines. Ignore the last two variables and input your variables as follows. The interest rate here is 3 per year but because the payments are biweekly you need to divide the 3 by 26 the number of biweekly payments made per year. Heres a test in c.