Question regarding the Pmt function...

[Aleena]

It is dumb question time again (yay!!)<br>
I am trying to use the Pmt function to calculate the payment amount on a loan. The loan has an annual precentage rate of 6% and payments occur once a year for 15 years...<br>
I set it up as follows:<br>
<br>
payment = Pmt(0.06 / 1, 15, amount)<br>
<br>
With amount being a variable dimmed as single that is input by the user. The answer I get is not even close to the truth. Any help on what I did wrong would be greatly appreciated <br>
<br>
Thanks,<br>
Aleena

 

[thewhip]

amount should be dimmed double

 

[Misled]

payment = Pmt(0.06 / 1, 15, amount)<br>
<br>
Should beayment = Pmt(0.06 , 15, amount)<br>
<br>
If there were 12 payments in a year:<br>
<br>
Payment = Pmt(0.06/12 , 15 * 12, amount)<br>