Excel 2007 : 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.


Amount of Business Loan $100,000.00
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))

thanks in advance.

Sorry, what is the question?

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,

i just wait for the mrs to start being unreasonable

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.

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