In any Excel functions that uses NPER for term, (e.g. PMT functions is =PMT(rate, NPER,FV, PV), the correct way to enter a 30 year term to compute monthly payments is __________.
A) 30
B) 30×12
C) (30/12)/365
D) (30/12)×365

Question

Quizplus · Accepted Answer

NPER stands for the number of periods. For monthly payments over 30 years, you need to multiply the number of years (30) by the number of months in a year (12) to get the total number of monthly payments, which is 360.

In Any Excel Functions That Uses NPER for Term, (E