Excel 2007 : PMT function and amoritization

[I Hate Excel]

Ok, to start off, my teacher is absolutely terrible, doesn't explain anything, and most of the class is failing. So I am now turning to you guys.

I have to use the Pmt function to find the monthly payment (which, somehow, is supposed to equal 14,991.73) with this information:

Quoted interest rate per annum 8.75%

Amortization period in years 15

Principal amount to be borrowed $1,500,000

I've tried everything. Nothing is giving me the answer. I need to actually do this because the teacher wants a formula page. Please, anyone, HELP!

[royUK]

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[som3body]

Check the attached sample and change all the variables to what you need, look the formula and study it.

[I Hate Excel]

Thank you, I will try. Also, what is this Amoritization thing? I've never heard of it, and my teacher has never mentioned it. Is it something I should know to solve this problem?

Furthermore, I have used the Pmt function in the past and it's been fine. So I don't know what's going on with this particular problem.

[royUK]

Did you actually read the Forum Rules? The title should not contain unnecessary wording like "I need help"