"Help I need the answer asap!!!" <Help I need the answer
THIS IS URGENT!!!!!!!!!!!!!!!!!!
You are more likely to get the answer you need quickly if you take the time
to form your question clearly and without typos.
48,400
8 %
30 years
=SUM(48,800*8/12) ???
The payment is 358.08
Who says? And what does =48400*8%/12 (which I presume you meant) have to do
with it?
but how can figure it I need
the correct formula to get the monthly payment?
If you are trying to describe a typical amortizing loan of 48400 at 8% with
monthly payments over 30 years, typically the formula would be:
=PMT(8%/12, 30*12, -48400)
which should be rounded or truncated according to the lender's policy, your
class assignment or the coin of the realm (e.g. cents in the US).
But I get 355.14, not 358.08.
Note: That formula is applicable to the US and much of the world. But
Canada and, I've read, the UK compute the payment differently because of the
different way in which they treat the annual interest rate.
However, I don't think that explains the discrepancy my result above. For a
Canada loan with that structure, I get a payment of 349.96. And for a UK
loan with that structure, I get 345.77, based on the formula at
http://support.microsoft.com/kb/294396/en-us .
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"Help I need the answer asap!!!" <Help I need the answer
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