Thank all of you for the responses...

Peo...you must love this stuff huh? You answered my other question!

Okay: When you calculate a payment using a financial calculator with these
values:
1.5%
-256,000
360 months

you should get $883.51. when I do it in Excel, I get $919.45

Help?

"punkyh" wrote:

I am trying to get a monthly payment figure by using the payment formula in
excel. It always calculates the payment incorrectly. I try it on my
financial calculator, as well as a financial program I have in the computer
and these two come up with the same figure. Then I try it in excel, the
answer is different.

the formula I am using is: =PMT(.0015,360,375,000)

Any help??