loan payment program
I cannot get the excel loan payment program to calculate correctly. I've
even used the specific example in Help and I get a completely different answer. Any ideas? |
loan payment program
HeyJay wrote:
I cannot get the excel loan payment program to calculate correctly. What do you mean by "program": template (which?) or function(s)? I've even used the specific example in Help and I get a completely different answer. Any ideas? Not unless you provide a modicum of specifics. We are mindreaders, but your thoughts do not transcend the Internet. What are you doing; what answer to do you get; and what answer(s) do you expect? Also, what country are you computing mortgages? In particular, Canadian mortgage payments must be computed very differently from US mortgage. Taking a wild guess regarding your unspecified problem, be sure that you handle the sign of the numbers correctly. Here is yet-another example, which may or may not be helpful. Loan: 100,000 Term: 30 yr Interest rate: 6% Monthly payment: =pmt(6%/12, 12*30, -100000) Note that "-100000" yields a positive result for PMT(). I also write my financial functions so that the results are positive. Some people prefer the reverse. This assumes that 6% is the (annual) interest rate, not the so-called APR. For US mortgages, at least, the APR is a useless number for computation purposes. It is not used or usable to compute the payments. In the US, a mortgage APR is not the same as the effective rate. |
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