What am I doing wrong with PMT function?

Giganews Newsgroups
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

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