"rkhughes" wrote:
Data: $5M loan
Rate: 7% annual; compounded daily (360 day year)
Amort: 30 years

How to calculate MONTHLY payment?
Can't figure out how to structure PMT function with different
compounding period than payment period.

If you assume 360 days per year -- i.e. 30 days per month -- the following
structure is probably what you are expecting:

=roundup(pmt(fv(7%/360, 30, 0, -1)-1, 12*30, -5000000), 2)

Some people prefer the more efficient expression (1+7%/360)^30-1 instead of
the FV(...)-1 expression above. Choose whichever you understand better.

My problem with computing the payment in that way is that it will fit
reality. That is, I presume that: (a) the daily interest rate is really
7%/365 (and perhaps 7%/366 in leap years); and (b) in any case, daily
interest will be compounded for the true number of days in a period (or
between payments). Consequently, do not expect all the financial functions
and annuity schedule to be copacetic.