If you try =PMT(L57/12,M57*12,-K57) then you will get a pmt of $11,130.69. You were multiplying the # of years by 12 and you were
dividing the interest rate by that number, giving you a bad interest rate. Everything else looks fine, but it doesn't agree with the
# you got manually of $14,480.11. I think the 11K answer is correct for the terms you gave. Try testing it again.

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RMC,CPA


"Marc" wrote in message .net...
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