The 12 would be 12 months in a year and the 7 is a 7 year loan.

The 6.5% is not correct if you are caculatting US interest. I used the
formula

=(1+(0.065/360))^30 which gave 1.005431

So you would use in the PMT formula .005432


..065/12 = .005417 which isn't as accurate as the number from my
formula. Either case you wouldn't get the same numbers as the bank
gives you. the bank caculations where based on hand caculations made
over a 100 years ago before computers and are the standards by law.


--
joel
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