Anyone know how to find the interest payment on an amortization using excel spreadsheet? Loan of 6,155,307 for 25 years at 8.25%. I’m trying to find the payment for each year. Using my calculator I get 504,928 for the first year but with excel (i tried using IPMT function) I get a different number. Help please!
=PMT(8.25%,25,-6155307) = $588,984.88
Interest payment using excel?
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=PMT(8.25%,25,-6155307) = $588,984.88
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