Calculate payments based on APR

[Kenneth Brody]

Robert T. Repko (R Squared Consultants) wrote:
> Believe it or not at 4/12/2009 10:46 PM, Kenneth Brody said:
>> Robert T. Repko (R Squared Consultants) wrote:
>>> Does anyone have a routine that calculates monthly payments based on an APR.
>> Would the TVM_PMT() function do what you're looking for?
> 
> I looked at that function but it gives me a different answer than the 
> calculators I've used for finding payments based on an APR.  Before I 
> started working on the program I used calculators on the Internet so 
> I would know what answers I was supposed to get.  I used $1000.00, 
> 13.9%, for 12 months, compounded monthly.  Using TVM_PMT() I get a 
> monthly payment of 84.09, with a calculator I get 89.74.  The 
> description doesn't mention if it's simple or compound interest. 

Hmm...

     xx(8,.2) = tvm_pmt("12","13.9"/"12","1000","0")

gives me "-89.74", just like your calculator.

What did you do that gave you a different number?

-- 
Kenneth Brody