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pPMT malfunction
I amortizing a loan on an Actual/360 basis. I calcuated the payment using the
pmt function [eg. =pmt(.07/360*31,120,-1000000)]. I then added the results from the the ipmt and ppmt functions for the first period (month 1) but they did not total the results from the pmt function. As check to determine if either ipmt or ppmt were correct I calculated the interest on the loan by hand and was able to confirm that ipmt was correct. Thus ppmt was incorrect. Any suggestions? |
#2
Posted to microsoft.public.excel.worksheet.functions
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pPMT malfunction
"Louis Zaffino" wrote:
I amortizing a loan on an Actual/360 basis. I quibble with your method. But that's another story. I calcuated the payment using the pmt function [eg. =pmt(.07/360*31,120,-1000000)]. I then added the results from the the ipmt and ppmt functions for the first period (month 1) but they did not total the results from the pmt function. As check to determine if either ipmt or ppmt were correct I calculated the interest on the loan by hand and was able to confirm that ipmt was correct. Thus ppmt was incorrect. Any suggestions? Worked just fine for me. I suspect a data entry error. Whenever you have a question like this, it is always helpful to post (a) the Excel version number, and (b) the exact results that you get. Sometimes, the problem is a data entry error. But a very small difference might suggest an error due to format or option settings or explicit rounding. Using Office Excel 2003, I get the following results: =PMT(7%/360*31,120,-1000000): $11,731.46 =IPMT(7%/360*31,1,120,-1000000): $6,027.78 =PPMT(7%/360*31,1,120,-1000000): $5,703.68 =SUM(...): $11,731.36 |
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