Data $9,620,320 principal, 360 # payments, 9 % rate, fv 0. Why do.

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Guest

Data is $9,620,320 principal, 360 number payments,9% interest rate, future
value 0 abd type 1. Why does the PMT function calculate an answer of
$794,338.35.
 
Because you need to convert the 9% annual rate into a monthly rate by
dividing it by 12, then you'll get $76,831.04 as your answer

Duke
 
It is correct since your rate per period = 9%
Unless this 9% is a yearly rate and 360 is 360 months and not 360 years
Use 9%/12 in your formula it that is so
 
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