Which function calculates your monthly mortgage payment?

  1. PMT

  2. NPER

  3. NV

  4. PV


Correct Option: A

AI Explanation

To calculate your monthly mortgage payment, you would use the PMT function.

Option A) PMT - This option is correct because the PMT function in finance calculates the monthly payment for a loan or mortgage. It takes into account the principal amount, interest rate, and loan duration.

Option B) NPER - This option is incorrect because the NPER function calculates the number of periods required to pay off a loan or investment. It does not calculate the monthly payment amount.

Option C) NV - This option is incorrect because there is no such function as NV in finance. It does not calculate the monthly mortgage payment.

Option D) PV - This option is incorrect because the PV function calculates the present value of a future payment or investment. It does not calculate the monthly mortgage payment amount.

Therefore, the correct answer is option A) PMT.

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