Excel 2007 : PMT calculator

1. PMT calculator

So this is the question. The company was granted a loan at prime ((5.5%) plus 1%) and I was asked to figure out the monthly loan payment.

Down Payment \$10,000.00
Annual Interest Rate
Term (Years) 10
Monthly Payment \$1,021.93
I used the PMT formula to get my answer above.

=PMT((5.5%+1%)/12,10*12,-(100,000-10,000))

2. Re: PMT calculator

Sorry, what is the question?

3. Re: PMT calculator

So this is the question. The company was granted a loan at prime ((5.5%) plus 1%) and I was asked to figure out the monthly loan payment.
My answer is in red, is that correct

Thanks,

4. Re: PMT calculator

i just wait for the mrs to start being unreasonable

5. Re: PMT calculator

petedam, as far as I can see you've entered the parameters correctly into the PMT function and the result is correct.

cyan on white is hard to read. I've changed the color in your previous post back to normal.

Thank you.

7. Re: PMT calculator

petedam, please only quote when it serves to illustrate an issue. thanks.

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