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#1
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Data $9,620,320 principal, 360 # payments, 9 % rate, fv 0. Why do.
Data is $9,620,320 principal, 360 number payments,9% interest rate, future
value 0 abd type 1. Why does the PMT function calculate an answer of $794,338.35. |
#2
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Because you need to convert the 9% annual rate into a monthly rate by
dividing it by 12, then you'll get $76,831.04 as your answer Duke "rfreddy" wrote: Data is $9,620,320 principal, 360 number payments,9% interest rate, future value 0 abd type 1. Why does the PMT function calculate an answer of $794,338.35. |
#3
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It is correct since your rate per period = 9%
Unless this 9% is a yearly rate and 360 is 360 months and not 360 years Use 9%/12 in your formula it that is so "rfreddy" wrote in message ... Data is $9,620,320 principal, 360 number payments,9% interest rate, future value 0 abd type 1. Why does the PMT function calculate an answer of $794,338.35. |
#4
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Thanks. It worked great. i appreciate the informatiom.
"Duke Carey" wrote: Because you need to convert the 9% annual rate into a monthly rate by dividing it by 12, then you'll get $76,831.04 as your answer Duke "rfreddy" wrote: Data is $9,620,320 principal, 360 number payments,9% interest rate, future value 0 abd type 1. Why does the PMT function calculate an answer of $794,338.35. |
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