pmt- The payment is $93.22, and comes from cell C6.

Notepmtis input as a negative value.

In annuity functions, cash paid out is represented by a negative number.

Excel formula: Calculate compound interest

Note: If pmt is not provided, the optional fv argument must be supplied.

pv- The present value is $5000, and comes from C5.

With these inputs, the RATE function returns 0.375%, which is the periodic interest rate.

Excel formula: Calculate payment periods for loan

The RATE function calculates by iteration.

Excel formula: Calculate original loan amount

Excel formula: Calculate payment for a loan

Excel RATE function