### Title

PMT calculation not calculating correctly

### Post

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!!

The

interestRateparameter is the rate per payment period. Since your rate of 7% is theannualrate, and there are 12 periods in a year, you need to do =PMT ( amountField ; interestField / 12 ; termField )