Payment Calculator not working correctly

[Guest]

Recently I tried to program an Excel spreadsheet to calculate a mortgage
Payment using the =PMT(Rate/12,Term,Loan Amount)*-1 formula that I have used
on many other spreadsheets. These older spreadsheets all work properly, but
they were all written on another computer and imported into the one I am now
using. The formula “=PMT(10/12, 360,100000)*-1†should give me a payment of
$877.57, but it gives me $83,333.33 instead! Is their a flaw in the newer
Excel versions, or a patch I don’t have? Any help would be appreciated.

 

[Niek Otten]

No doubt you meant

=PMT(0.1/12,360,100000)*-1

(10% is .1)

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Kind Regards,

Niek Otten

Microsoft MVP - Excel

 

[*¡¸ My-Ricky ¡¸*]

it would certainly be a terrible world if the interest rate climb to 1000% pa!
HAHA