If the interest is "paid monthly", the amount is:
=500000*2.75%/12

Sometimes eschewing financial functions makes things a lot easier.

Regards,
Fred.

"Excel 2007 dummy" <Excel 2007 wrote in
message ...
I am trying to calculate monthly INTEREST ONLY payment on a short term
bridge/swing loan. Assuming an interest rate of 2.75%, paid monthly, Also
assuming it will be required for a 3-6 month period, amount approx
$500,000.
Just switched to Excel 2007 but don't seem to be able to calculate using
the
formula builder. Not sure if it is compounded daily or monthly.