Lotus 1-2-3 to Excel PAYMT() Function conversion?

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