Formula help

[~Jeff~]

I want to calculate the monthly mortgage payment in my spreadsheet. The
interest rate is fixed

Cell values:

A4 = principle
A5 = interest rate
A6 = years of loan
A7 = monthly payment

I can do the calculation by hand, but can't make a formula .

The formula can be found on the following website:
http://www.mortgageassistanceusa.com/calculators/formula.html

The formula to use is for United States mortgage calculations

Thanks in advance,

 

[JE McGimpsey]

One way:

A7: =PMT(A5/12,A6*12,-A4,0)

This assumes that the interest rate is the annual rate

 

[~Jeff~]

I tried this way but the cell equals: #VALUE!

Here is the current cell values:

A4 = 100000
A5 = 4.25 (interest rate)
A6 = 30 (years)

 

[JE McGimpsey]

I can't replicate that.

With A5=4.25%, the formula returns 491.94

If A5 = 4.25, instead, then the formula should be modified to

=PMT(A5/1200,A6*12,-A4,0)

I tried this way but the cell equals: #VALUE!

Here is the current cell values:

A4 = 100000
A5 = 4.25 (interest rate)
A6 = 30 (years)

--
~Jeff~
[Microsoft Windows XP Pro,Office 2000]

One way:

A7: =PMT(A5/12,A6*12,-A4,0)