5 Replies Latest reply on May 10, 2010 9:32 AM by CarrieB.

# PMT calculation not calculating correctly

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PMT calculation not calculating correctly

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My PMT calculation is not calculating correctly and I can't figure out why. It's probably because it is Monday morning and I haven't had enough coffee yet. :)

Anyway, I'm using the PMT calculation in a field. Seems very simple. It's taking the principal, interest rate and # of payments from their respective fields, but the calculated result is incorrect. Anybody want to point me in a direction to look for my error? :) Thank you, thank you!!

• ###### 1. Re: PMT calculation not calculating correctly

CarrieB. wrote:

It's taking the principal, interest rate and # of payments from their respective fields, but the calculated result is incorrect.

Example?

• ###### 2. Re: PMT calculation not calculating correctly

Thought maybe I should add to this post, so it is a little clearer. If PMT = ( principal ; interestRate ; term ) ..... do you need to customize the related fields? I have a field for each of these that I am using, but maybe "term" needs to be defined?? I am currently using # of pymts for that.

• ###### 3. Re: PMT calculation not calculating correctly

My calculated field is simply "PMT ( amountField ; interestField ; termField )".

My amountField,  interestField and termField are all number fields.

For instance, I entered \$35,000 in the amount field, .07 (7%) in the interest field and 24 in the term field and the calculated result is \$3,052 when it should be \$1,567.04. I'm sure I'm missing something obvious ... just don't see what it is at the moment ....

• ###### 4. Re: PMT calculation not calculating correctly

The interestRate parameter is the rate per payment period. Since your rate of 7% is the annual rate, and there are 12  periods in a year, you need to do =

PMT ( amountField ; interestField / 12 ; termField )

• ###### 5. Re: PMT calculation not calculating correctly

Thank you!! :smileyvery-happy: