Is the money deducted from principal prior to accruing interest, or
after accruing interest? If it's the former, the correct amount is
$34,843.40 per year. Most such amortization tables, however, would
accrue interest on principal before money is withdrawn. However,
there's an important distinction there that the OP should be aware of.

Dave

On Feb 19, 3:18*pm, "Niek Otten" wrote:
Hi Steve,

=PMT(5%,15,500000,-250000)

Will give you a yearly amount of

36,585.57

--
Kind regards,

Niek Otten
Microsoft MVP - Excel

"Steve" wrote in ...

|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