Try this addendum to Mr. Harker's correct answer, Mark:
Enter the amount as a negative figure and see how it works.

--
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"MARK AKKERMAN" wrote in message
...
Hello Sir,

Sorry for the yelling, it was only a caps lock I assure
you. Thank you for giving me the answer I have been
looking for. I have only one problem, when I calculate it
on my excel program, it comes out the same as yours to the
penny, but in a negative number.

Thanks again,

Mark.
-----Original Message-----
Hi Mark!

Please don't shout. Using all upper case is considered
shouting and is
more difficult to read especially for those whose first
language isn't
the language used.

Try:
=PMT(8%/12,12,10000*((1+(1+8%/12)^(12/365)-1)^45),0,1)
Returns: 872.66

I've assumed an APR compounded monthly with the repayment
break being
charged interest at the daily effective equivalent of
that rate.

The amount of loan 10000 gets accumulated for 45 days and
thereafter
there are 12 payments due with the first being made at
the beginning
of the first month.

--
Regards
Norman Harker MVP (Excel)
Sydney, Australia
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"MARK AKKERMAN" wrote in
message
...
HOW WOULD YOU CALCULATE A PAYMENT WITH THE PAYMENTS
STARTING ON AN ODD DAY, IE: 45 DAYS TO FIRST PAYMENT?


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