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Question regarding the Pmt function...

Question regarding the Pmt function...

(OP)
It is dumb question time again (yay!!)
I am trying to use the Pmt function to calculate the payment amount on a loan. The loan has an annual precentage rate of 6% and payments occur once a year for 15 years...
I set it up as follows:

payment = Pmt(0.06 / 1, 15, amount)

With amount being a variable dimmed as single that is input by the user. The answer I get is not even close to the truth. Any help on what I did wrong would be greatly appreciated :-)

Thanks,
Aleena

RE: Question regarding the Pmt function...

amount should be dimmed double

RE: Question regarding the Pmt function...

payment = Pmt(0.06 / 1, 15, amount)

Should be:Payment = Pmt(0.06 , 15, amount)

If there were 12 payments in a year:

Payment = Pmt(0.06/12 , 15 * 12, amount)

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