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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? |
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