functions do not calculate correctly

[petew812]

I have used the financial functions lots in the past. Suddenly the simplest
of functions are not returning the correct answer. Even if I use the examples
found in the "help with this function" the answers are different than on the
Help page!

Is this something I am doing have done or can these functions get
contaminated? I am at my end of what I think is going wrong. I have tried to
"detect and repair" and "reinstall" Excel but this does not work either.

Any ideas????

 

[Fred Smith]

Give us an example of the formula you are using, the results you get, and
the results you expect.

In addition, is recalculation set to automatic?

Regards,
Fred.

 

[petew812]

The PMT function:
The Help example parameters are 8% interest, 10 months, w/ $10,000 gives
the answer $1037.03. When I insert the same parameters the answer comes out
$6707.22.

Yes, the calculation is set to automatic.

Thanks

 

[Fred Smith]

In the future, Pete, you will get much faster service if you show your
formula in your first post. Even with your response, it's only by trial and
error that it can be determined that you used an interest rate of 8/12
rather than 8%/12, whereas this would have been obvious had you shown the
formula.

Regards,
Fred.

 

[Spiky]

Hi. You are using a rate of 8/12. It should be 8%/12.

=PMT(8%/12, 10, 10000)

Which suggests to me that the cell containing the interest rate is not
formatted properly to %. So when you enter 8, Excel sees it as "8",
rather than ".08".

I'm assuming you have references to other cells in your formulas.

 

[petew812]

Thank you all for your help

Which suggests to me that the cell containing the interest rate is not
formatted properly to %. So when you enter 8, Excel sees it as "8",
rather than ".08".

I'm assuming you have references to other cells in your formulas.