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Formula assistance with PMT excel formula

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Posted on by 87

I am trying to write a formula like the PMT formula in excel to calculate monthly payments on a fixed loan and fixed interest rate. below is the formula I input, but it keeps spitting out "0" as an answer, when in fact the answer should be $70.19. can anyone help me?

 

Round(('Loan Amount'.Text*(.209/12))/(1-(1+(.209/12)^(-60))),2)

 

LipoLoHu_1-1690988487430.png

 

LipoLoHu_0-1690988465905.png

 

 

 

  • flower3954 Profile Picture
    flower3954 5 on at
    Re: Formula assistance with PMT excel formula

    Wh

  • LH-23071616-0 Profile Picture
    LH-23071616-0 87 on at
    Re: Formula assistance with PMT excel formula

    It worked perfectly! TY so much!

  • Ami K Profile Picture
    Ami K 15,655 on at
    Re: Formula assistance with PMT excel formula

    @LipoLoHu - if there's nothing else, please remember to mark the solutions to your questions to close this thread.

  • Verified answer
    Ami K Profile Picture
    Ami K 15,655 on at
    Re: Formula assistance with PMT excel formula

    @LipoLoHu,

     

    You can apply a condition into the formula where the Annual Rate is 0. For example:

     

    Round(
     With(
     {
     AnnualRate: .209,
     LoanAmount: 2600,
     PeriodsinMonths: 60,
     AnnualPayments: 12
     },
     With(
     {
     P: LoanAmount,
     t: PeriodsinMonths
     },
     If(
     AnnualRate = 0,
     P / t,
     (AnnualRate / AnnualPayments) * P / (1 - (1 + (AnnualRate / AnnualPayments))^-t)
     )
     )
     ),
     2
    )

     

    Where interest is variable, for example 0% APR for the first 6 months and then 0.29%

    thereafter, from the top of my head I suspect you will need a separate amortization table (generated via a Collection or a Table function) listing the rates for each period to run the calculation.

     

    ------------------------------------------------------------------------------------------------------------------------------

     

    If I have answered your question, please mark your post as Solved. Remember, you can accept more than one post as a solution.

    If you like my response, please give it a Thumbs Up.

    Imran-Ami Khan

  • LH-23071616-0 Profile Picture
    LH-23071616-0 87 on at
    Re: Formula assistance with PMT excel formula

    @Amik  that worked perfectly, TY!

    Last question - I have a scenario where the annual APR rate is 0%, but when i input that in the formula, it states as an error that I cannot devise by 0. How would I correct the formula to give me the right output? (the example is - with a loan down payment of $2600, what is the monthly payment if interest rate was 0% for 6 months length)

  • Ami K Profile Picture
    Ami K 15,655 on at
    Re: Formula assistance with PMT excel formula

    @LipoLoHu wrap the result in a Text function. E.g.:

     

    Text(
     Round(
     With(
     {
     AnnualRate: .209,
     LoanAmount: 2600,
     Months: 60,
     AnnualPayments: 12
     },
     With(
     {
     r: AnnualRate / AnnualPayments,
     P: LoanAmount
     },
     r * P / (1 - (1 + r)^-Months)
     )
     ),
     2
     ),
     "[$-en-US]$#,###.00",
     "en-US"
    )

     

    ------------------------------------------------------------------------------------------------------------------------------

     

    If I have answered your question, please mark your post as Solved. Remember, you can accept more than one post as a solution.

    If you like my response, please give it a Thumbs Up.

    Imran-Ami Khan

  • LH-23071616-0 Profile Picture
    LH-23071616-0 87 on at
    Re: Formula assistance with PMT excel formula

    @Amik  that worked! How can I get the result to show up as currency?

  • Ami K Profile Picture
    Ami K 15,655 on at
    Re: Formula assistance with PMT excel formula

    @LipoLoHu - have you considered using the With function?

     

    https://learn.microsoft.com/en-us/power-platform/power-fx/reference/function-with

     

    Example below:

     

    Round(
     With(
     {
     AnnualRate: .209,
     LoanAmount: 2600,
     Months: 60,
     AnnualPayments: 12
     },
     With(
     {
     r: AnnualRate / AnnualPayments,
     P: LoanAmount
     },
     r * P / (1 - (1 + r)^-Months)
     )
     ),
     2
    )

     

     

    ------------------------------------------------------------------------------------------------------------------------------

     

    If I have answered your question, please mark your post as Solved. Remember, you can accept more than one post as a solution.

    If you like my response, please give it a Thumbs Up.

    Imran-Ami Khan

     

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