loan payment

Good afternoon:

I am fairly new on using excel I am trying to format a PMT FUCTION for a mortage payment. The interest rate is 7% years of loan life is 5 and loan amount is $10,000. How would I go about formation this function to get a loan payment amount.


Thank You
Ana

=PMT(7%/12,5*12,10000)

or if you use cells

A1 7%
A2 5
A3 10000

=PMT(A112,A2*12,A3)

--

Regards,

Peo Sjoblom

Excel 95 - Excel 2007
Northwest Excel Solutions
www.nwexcelsolutions.com
"It is a good thing to follow the first law of holes;
if you are in one stop digging." Lord Healey


"vieira" <[email protected]> wrote in
message news:[email protected]...
>
> Good afternoon:
>
> I am fairly new on using excel I am trying to format a PMT
> FUCTION for a mortage payment. The interest rate is 7% years of loan
> life is 5 and loan amount is $10,000. How would I go about formation
> this function to get a loan payment amount.
>
>
> Thank You
> Ana
>
>
> --
> vieira
> ------------------------------------------------------------------------
> vieira's Profile:
> http://www.excelforum.com/member.php...o&userid=33545
> View this thread: http://www.excelforum.com/showthread...hreadid=533304
>

=PMT(7%,5,10000)

Gives you

($2,438.91)


(in parentheses because the sign is negative, compared to the 10000)

Is that what you were looking for?
--
Kind regards,

Niek Otten

"vieira" <[email protected]> wrote in message
news:[email protected]...
|
| Good afternoon:
|
| I am fairly new on using excel I am trying to format a PMT
| FUCTION for a mortage payment. The interest rate is 7% years of loan
| life is 5 and loan amount is $10,000. How would I go about formation
| this function to get a loan payment amount.
|
|
| Thank You
| Ana
|
|
| --
| vieira
| ------------------------------------------------------------------------
| vieira's Profile: http://www.excelforum.com/member.php...o&userid=33545
| View this thread: http://www.excelforum.com/showthread...hreadid=533304
|