I am converting a spreadsheet from Lotus 1-2-3 to Excel 2003 and I'm stuck with the PAYMT() function. What is the Excel equivalent?
principal 3106588.1908222
interest 0.005
term 21.00
type 0
LOTUS 1-2-3 Result: 156204.31576813
I have tried to replicate this result using the PMT() function in Excel which supposedly has the same properties as the PAYMT() function in Lotus. I get totally irrelevant results.
Thanks in advance.
Lotus 1-2-3 to Excel PAYMT() Function conversion?
In your formula for excel it's gonna look like this
lets say p=a1, i=a2 and t=a3
rate= .005/12 or a1/12
nper= 21months or a3
Pv= principa value 3106588.
hit enter and that should give you your monthly payment
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