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# **Loans: PMT and NPER practice exercises**

Work out the monthly payment on a loan, how many months it takes to pay one off and how much interest it costs in total.

[**Start the first exercise**](https://practiceexcelonline.com/practice/loan-payments/pmt-loan-payment)

NPER(PMT(

1. [**1****Monthly loan payment with PMT**In B5, work out the monthly payment on the loan with PMT. The rate and the number of payments must both be monthly: PMT(B3/12,B4\*12,-B2).](https://practiceexcelonline.com/practice/loan-payments/pmt-loan-payment)
2. [**2****Months to pay off a loan with NPER****Premium**In B5, work out how many monthly payments of 500 it takes to pay off the loan, with NPER. Use the monthly rate and give the payment and the loan opposite signs: NPER(B3/12,-B4,B2).](https://practiceexcelonline.com/practice/loan-payments/nper-months-to-pay-off)
3. [**3****Total interest on a loan****Premium**In B5, work out how much interest the loan costs in total: all the monthly payments added up, minus the amount borrowed. That is PMT(B3/12,B4\*12,-B2)\*B4\*12-B2.](https://practiceexcelonline.com/practice/loan-payments/total-interest-on-a-loan)

## **Functions in this topic**

- [**NPER**](https://practiceexcelonline.com/functions/nper)
- [**PMT**](https://practiceexcelonline.com/functions/pmt)

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