You should use
=PMT(0.006667,60,80000)

the first parameter is rate/period so in this case it should be 0.08/12 or
8%/12

"Brent" wrote:

I can't ever seem to get the payment function to calculate properly. I am
entering an $80,000 loan with and interest rate of 8% payable over 5 years.
This is the formula I am entering =PMT(0.6667,60,80000). The result I am
getting is ($53,336.00). The answer should be a montly payment of $1,622. My
eyes are crossed - what am I doing wrong?