
1. Re: PMT calculation not calculating correctly
comment_1 May 10, 2010 9:09 AM (in response to CarrieB.)
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
CarrieB. May 10, 2010 9:13 AM (in response to CarrieB.)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
CarrieB. May 10, 2010 9:18 AM (in response to CarrieB.)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
comment_1 May 10, 2010 9:29 AM (in response to CarrieB.)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
CarrieB. May 10, 2010 9:32 AM (in response to CarrieB.)Thank you!! :smileyveryhappy: