If you truly have an "annual interest rate" of 10%, then you need to convert
it to quarterly to do your calculation. To do this, ask the question "what
quarterly interest rate will turn $1.00 into $1.10 in a year?" The answer
is:

=RATE(4,0,-1.00,1.10)

So your payment calculation becomes:
=PMT(RATE(4,0,-1,1.1),6*4,-20000)

My bet is that you actually have a quarterly rate of 2.5% (10%/4), and
therefore the other answers are more applicable to your situation.

Regards,
Fred

"DLL" wrote in message
...


I need to create a formula to calculate the quarterly payment required for
a
$20,000 loan at an annual interest rate of 10% for 6 years. Any help is
appreciated. Thanks in advance.