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- What am I doing wrong with PMT function?

Subject: | What am I doing wrong with PMT function? |

Posted by: | Marc (mcnr(N_O-S_P_A_…@mindspring.com) |

Date: | Sat, 06 May 2006 |

I have searched the net and formated the function like all the examples but

the payment is way out of line.

In cell L57 I have the annual interest rate, in M57 the numbers of years for

the loan and K57 is the principal.

=PMT(L57/M57*12,M57*12,-K57)

The principal is $714,136.63 the rate is 8% and the terms is 7 years but it

returns a paymetns of $9,793,873.81. This is what it should be from the

online calculators I've used $14,480.11.

What am I doing wrong?

Marc

- Re: What am I doing wrong with PMT function? posted by R. Choate on Sat, 6 May 2006
- Re: What am I doing wrong with PMT function? posted by via135 on Sat, 6 May 2006
- Re: What am I doing wrong with PMT function? posted by CaptainQuattro on Sat, 6 May 2006
- Re: What am I doing wrong with PMT function? posted by R. Choate on Sat, 6 May 2006