Formula not calculating correctly

[Aggie G]

I have a formula that is simple and the answer is not correct.

I am trying to calculate the payment amount. Because the total overdrawn
amount is not always even, the final payment amount might be different by a
little bit. So here is the formulas that I have entered to get the answer.

Payment Amount: k16/k17
Final Payment Amount: k16 - (K18*(k17-1))

The example I am working with is total overdrawn amt is 535.29 and number of
payments is 6. When I use the calculator, the payments are 89.22 and the
final payment is 89.19. When I use the formula above the final payment is
89.22. The only way I get 89.19 (correct answer) is to type in 535.29-446.10.

What could be the problem?


Total Overdrawn Amount K16
Number of Payments K17
Payment Amount K18
Final Payment Amount K19

 

[Paul C]

The issue is that your payment amount is calculating to 89.215 not 89.22 and
is only being displayed as 89.22.

If you change your payment formula to Round(k16/k17,2) you will get a pament
amout of exactly 89.22 and a final payment of 89.19

 

[Ron Rosenfeld]

I have a formula that is simple and the answer is not correct.

I am trying to calculate the payment amount. Because the total overdrawn
amount is not always even, the final payment amount might be different by a
little bit. So here is the formulas that I have entered to get the answer.

Payment Amount: k16/k17
Final Payment Amount: k16 - (K18*(k17-1))

The example I am working with is total overdrawn amt is 535.29 and number of
payments is 6. When I use the calculator, the payments are 89.22 and the
final payment is 89.19. When I use the formula above the final payment is
89.22. The only way I get 89.19 (correct answer) is to type in 535.29-446.10.

What could be the problem?


Total Overdrawn Amount K16
Number of Payments K17
Payment Amount K18
Final Payment Amount K19

Hmmm.

I made the following entries:

K16: 535.29
K17: 6
K18: 89.22
K19: = K16 - (K18*(K17-1))

K19 shows $89.19

Maybe you've made a typo someplace.
--ron

 

[Ron Rosenfeld]

I think the OP had put =K16/K17 into K18, Ron.

<slap upside the head>

Then he could have used:

K18: =ROUND(K16/K17,2)
--ron

 

[Ron Rosenfeld]

Agreed. That's what a couple of us told her.

Yeah, I noticed that after I posted.
--ron