Help on pv function
Shame on you.
--
John C
"joeu2004" wrote:
PS ....
On Oct 13, 1:16 pm, I wrote:
On Oct 13, 8:09 am, becky wrote:
Year Beginning Balance Ending Balance Total Paid
1 $125,000 11,810.24
[....]
Finally, I am not sure you fully understand the problem.
[....]
The first part of the problem is to figure out how many payments have
been made. That is simply the total payments divided by the month
payment. That becomes "nper" in your FV function expression.
Well, I guess that was obvious due to the first column of the table
("Year 1"); and it was probably obvious to you as well, evidenced by
your (mistaken) intent to use 984.19*12 for "pmt". I read too quickly
and was fooled by the 3rd-column title ("Ending" instead of
"Remaining" balance).
To reiterate, your mistake, in part, was the use of 20*12 for "nper"
instead of 12, as well as 984.19*12 "pmt" instead of 984.19, as I
explained.
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