The effective monthly rate with daily compounding is given by (1+r/360)
^d, where d is the number of days in the period.

=PMT((1+7.5%/360)^30-1,5*12,-10000)

HTH
Kostis Vezerides

On Nov 26, 9:26*pm, Dennis wrote:
I have a question regarding the PMT funtion. Example: loan amount = 10000,
Annual % rate is 7.5%, term is 5 years, payments per year is 12.
The regular function would be: PMT(%/12, 5*12,-10000)

How do you set this up using daily interest instead of monthly interest with
a monthly payment.

Or, is the PMT function the correct function to use??