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
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...
RE: Question regarding the Pmt function...
Should be:Payment = Pmt(0.06 , 15, amount)
If there were 12 payments in a year:
Payment = Pmt(0.06/12 , 15 * 12, amount)