2. I am trying to figure out the payment (per month) Should it be =PMT(4,360,675

Question

2. I am trying to figure out the payment (per month)
Should it be =PMT(4,360,675000) LS Titan Off-Campus Shops Payment Options Loon Amou 5.25% 17 Property Cost 18 Down Payment 6.25% 6.50% 6.75% ret (AS) ?? names). The upper left area of the worksheet is a Payment Calculator. payment (D7) using the data provided. Use a function to calculate the monthly 2. 3. In the Payment Calculator, use "Goal Seek" to keep the payment per month at $3,000 by increasing the 4. Copy the info from B4:88 and paste to cells 810:814. Copy D4:D7 and paste to D10:D13. Note: 5. Reset the value in B6 back to $75,000 down payment. Remember to use "Paste Special" and use Values and Number Formats 6. Perform a second "Goal Seek" in the Payment Calculator again keeping the payment per month at $3,000 this time by lowering the property cost. 7. Copy the info from B4:88 and paste to cells 816:B20. Copy D4:D7 and paste to D16:D19. See note in

Explanation / Answer

Formula should be:

=PMT(4%/12,360,-675000) = $3,222.55

Answer: PMT = $3,222.55

Notes:

1. The APR should be divided by 12 because we are making 12 payments in a year i.e. 12 months in a year and apply % to rate here.

2. The PV or present value is represented with negative signage above to get a positive value of PMT but signage can be positive or negative as per your convenience

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I hope that answers your question.

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