Hi everyone
I am having trouble calculating my loan payments and need help with the formula. Here are the loan terms:
Amount 1,000,000
Period 10 years
Interest 11.75
If I use google sheets to calculate the monthly payments
=PMT((Interest /12 ),( Period*12),1000000,1)
I get a value of -14,202.95 per month
I am using a formula I got from this thread
https://www.googlecloudcommunity.com/gc/AppSheet-Q-A/I-ve-got-a-Loan-Calculator-I-m-creating-in-Ap/m...
[Mortgage Amount]*[Monthly Mortgage Interest] * POWER((1+[Monthly Mortgage Interest]) , [No of Payments]) / (POWER((1+[Monthly Mortgage Interest]) , ([No of Payments])) - 1)
My formulae
(1000000) * ([InterestRate]/12) * POWER((1 + ([InterestRate]/12)), ([Bond years]*12)) / (POWER((1 + ([InterestRate]/12)), ([Bond years]*12)))
The results I get are different and Im not sure why, I get a value of - 9,792 per month
Please can someone assist?
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