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In this video, the PMT function is introduced, which calculates loan payments based on a fixed interest rate over a specified time period. The tutorial highlights various Excel templates that provide detailed functionality beyond a simple spreadsheet. To access these templates, users can go to File > New and search for terms like “mortgage calculator” or "loan." A variety of options appear, including loan amortization schedules, balloon loan payment calculators, and home loan comparison calculators, among others. The presenter expresses a preference for older templates over newer ones and notes that while online calculators exist, they often lack important details.