For a 15-year loan paid monthly,which of the following would not be correct for the num_periods argument in the Pmt function?
A)15
B)15*12
C)180
D)12*15

Question

Quizplus · Accepted Answer

The num_periods argument in the Pmt function should represent the total number of payment periods for the loan. For a 15-year loan paid monthly, the correct number of periods is 15 years * 12 months/year = 180 months. Choices B, C, and D all correctly calculate to 180, but choice A (15) does not represent the total number of monthly payments.

For a 15-Year Loan Paid Monthly,which of the Following Would