Re: $ to pay off loan

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From: Harlan Grove (hrlngrv_at_aol.com)
Date: 06/16/04 

Date: Wed, 16 Jun 2004 21:49:47 GMT

"Anthony Giorgianni" wrote...
>It's was only a hypothetical, Alan/
>
>But Excel and my financial calculator agree that the PMT is $594.03 assuming
>
>n=60
>PV=-$30,000
>i=.07/12
>FV=$0
>
>No? What do you get?
..

XL97 SR-2 using the formula

=PMT(0.07/12,60,-30000)

returns $594.04 (actually, 594.035956210484). Direct calculation,

30000 * (0.07 / 12) / (1 - (1 + 0.07 / 12)^-60)

returns 594.035956210484. Maybe Alan means you're missing that last cent. 

--
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