Calculate payments based on APR

[Robert T. Repko (R Squared Consultants)]

Believe it or not at 4/13/2009 02:33 PM, Kenneth Brody said:
>Robert T. Repko (R Squared Consultants) wrote:
>>I followed the example Laura had in her help file.
>>Interpreting the numbers in her example $200,000, 360 months (30 yr 
>>loan), at 7.25%
>>       if: ' What would be the payment for this loan?
>>     then: PMT = TVM_PMT("360",".0725","200000","0") ' PMT will be 
>> -631.40595650
>
>It looks like you found an error in Laura's help files, since 7.25% 
>should be "7.25" (and divided by 12 for monthly interest).  Of 
>course, if you give the same "wrong" numbers to a financial 
>calculator, you get the same "wrong" answer.
>
>>I used:
>>eh=TVM_PMT("12",".139","1000","0")
>>I see my mistake, instead of using a monthly rate (.139/12) I used 
>>the APR of .139 in the calculations.
>>Thanks Ken I never would have seen my error.  I hate when I do 
>>that, spend days on a problem and the solution is right under my 
>>nose and I can't see it.
>
>Just plug the same numbers into filePro as you would your calculator.  :-)
>
>--

I was going to ask you about the discrepancy between what you stated 
and what Laura had in her help file.

Is it possible to get a daily payment amount instead of monthly.  I 
can see the need to calculate a daily rate so when people make 
payments I can calculate the principal and interest for x number of 
days.  I tried substituting 365 in place of 12 but the numbers didn't 
come out right.