loan - monthy vs daily compounding

  • Thread starter Thread starter shaz
  • Start date Start date
S

shaz

Hi I have the scenario below

loan amount = 930000
rate 6.12%
years 25

the formula PMT = (6.12/12, 25*12, 930000) = 6060.41

How can i get the answer to = 6069.05 by having the PMT formaul calculate
interest daily rather than monthly??

Appreciate your assistance.

Rgds
Shaz
 
The daily payment should be
PMT = (6.12/12, 25*12, 930000) = 6060.41 monthly
Click to expand...
PMT = (6.12/366, 25*366, 930000) = 198.49 daily payment

or some use which would be a lower figure.
=PMT((1+$O$10)^(1/366)-1,$O$11*366,$O$9)
 
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