View Full Version : Formula problem
austenr
09-26-2011, 10:30 AM
Hi guys. I need some help with this formula. Im getting a division error.
In cell J5, calculate a monthly payment. The function will refer to the annual interest rate (B23) divided by B24, a loan term (F5) multiplied by B24, and the balance due (I5). Refer to B23 and B24 as mixed cell references (B$23 and B$24). Refer to I5 as a negative value (-I5).
What I have is this:
=(B$23/B24)*(F5*B$24)+I5 Which isnt even close..
Bob Phillips
09-26-2011, 10:38 AM
What is wrong with the PMT function Austen?
austenr
09-26-2011, 10:43 AM
Hi Bob,
Nothing just cant get it to work right. Tried the formula in the original post but didnt have any luck. Been a while since I have used Excel so a bit rusty. :dunno:dunno
austenr
09-26-2011, 11:21 AM
When I try to use the pmt function I get a percentage not a payment amount
Kenneth Hobs
09-26-2011, 12:08 PM
The answer should be negative.
Paul_Hossler
09-26-2011, 04:37 PM
Hi guys. I need some help with this formula. Im getting a division error.
In cell J5, calculate a monthly payment. The function will refer to the annual interest rate (B23) divided by B24, a loan term (F5) multiplied by B24, and the balance due (I5). Refer to B23 and B24 as mixed cell references (B$23 and B$24). Refer to I5 as a negative value (-I5).
What I have is this:
=(B$23/B24)*(F5*B$24)+I5 Which isnt even close..
1. The only division is the B24, so you're sure it's not = 0?
2. You're sure it's not just a formatting that making it look like a percentage?
3. B23 probably has to be entered as .06 for a 6% rate
4. Like Ken says, Payments are negative (since you have less money), even thought they look like real dollars to me :)
Without a sample workbook, I'm only guessing
Paul
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