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प्रश्न
In Section 3.3, the loan instalment is computed for a given loan amount repayable over a specified period at a specified rate of interest. Modify this exercise by fixing the loan instalment amount and compute the loan period using the PMT function.
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उत्तर
Rate: The interest rate per period (e.g., Annual Rate divided by 12 for monthly payments).
pmt: The fixed instalment amount paid each period (this value must be entered as a negative number because it represents cash flowing out of your pocket).
pv: The Present Value, or the total loan amount borrowed (entered as a positive number).
[fv]: The Future Value, or cash balance you want after the last payment (defaults to 0 for a fully repaid loan).
[type]: Set to 0 if payments are due at the end of the period, or 1 if due at the beginning.
To set up this modified exercise in an exam-oriented Excel grid, structure your worksheet as follows:
| Cell | A (Data Label) | B (User Input/Formula) | Description/Notes |
| 1 | Annual Interest Rate | 10.5% | Manual input (example rate) |
| 2 | Fixed Monthly Instalment | -₹ 15,000 | Manual input (must be negative) |
| 3 | Total Loan Amount (PV) | ₹ 500,000 | Manual input (principal borrowed) |
| 4 | Monthly Interest Rate | =B1/12 | Computes periodic interest rate |
| 5 | Total Loan Period (Months) | =NPER(B4, B2, B3) | Calculated dynamic period output |
| 6 | Total Loan Period (Years) | =B5/12 | Converts the monthly result to years |
