You can actually draw about $3018 per month assuming interest is computed on
a monthly basis as opposed to an annual basis.

=PMT(5%/12,15*12,-500000,250000)

Tyro

"Steve" wrote in message
...
I am looking for the right formula to use for the following
scenario. If I had $500,000 in an account at 5% interest per year
over a 15 year period and wanted the ending balance to be $250,000,
how much can I draw out per month and meet the criteria of still
having $250,000 at the end. I used PPMT but the results don't look
correct to me.

Thanks, Steve