What is an example argument in the Pmt function? What does this argument do?

What will be an ideal response?

Any of these are examples:
• Interest Rate Per Period: Interest rates are usually stated as annual rates, so convert to the rate per period. If a loan is paid monthly, divide the yearly rate by 12.
• Number of Periods: Multiply the number of years by the number of payments per year. A monthly payment would be calculated as the number of years multiplied by 12.
• Present Value: The amount a customer is borrowing.