It is correct since your rate per period = 9%
Unless this 9% is a yearly rate and 360 is 360 months and not 360 years
Use 9%/12 in your formula it that is so


"rfreddy" wrote in message
...
Data is $9,620,320 principal, 360 number payments,9% interest rate, future
value 0 abd type 1. Why does the PMT function calculate an answer of
$794,338.35.