Goal Seek to optimize the results of the =PMT() function
Here are the steps to follow in this video lesson:
- Calculate your monthly payment on a loan using =PMT() function
- =PMT() requires three arguments: “Interest Rate” / # of payments per year, “# of payments” over the course of your loan, the “Amount Borrowed.”
- For Goal Seek: Select the cell that contains your formula and then choose Tools – Goal Seek.
- In the “To Value:” box type in your GOAL – e.g. The amount that you want your =PMT() to return.
- In the “By Changing Cell:” select a cell that is referenced in your =PMT() formula.
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