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What am I doing wrong with PMT function?
I have searched the net and formated the function like all the examples but
the payment is way out of line. In cell L57 I have the annual interest rate, in M57 the numbers of years for the loan and K57 is the principal. =PMT(L57/M57*12,M57*12,-K57) The principal is $714,136.63 the rate is 8% and the terms is 7 years but it returns a paymetns of $9,793,873.81. This is what it should be from the online calculators I've used $14,480.11. What am I doing wrong? Marc |
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