PMT function

M

mikeb

I am trying to use payment function and would like the first payment to be in
45 days with the remaining payments 30 days each month thereafter.
 
J

JE McGimpsey

Don't know what's standard practice in your location, but I'd think it
depends on how the interest is calculated during the extra 15 days. For
instance, if the interest is compounded daily (and based on 30 days per
month), then:

=PMT(Rate/360, Months*30, FV(Rate/360,15,0,Prin))*30

OTOH, if compounding is monthly, perhaps:


=PMT(Rate/12, Months, FV(Rate/12,0.5,0,Prin))
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Function to establish mortgage bond size. 2
Excel - Wich Function should I use? 1
Excel TVM functions of RATE, NPER, PMT, PV, and FV fail to produceresults that are known about Geome 0
PMT function and 1st payment partway through a period 3
Present Value Uneven Cashflows 6
Possible problem with PMT and FV functions 2
PMT function question 2
What regular savings, increasing every year to reach goal 11

Top