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
[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?
@AntoineM wrote:
My formulae
(1000000) * ([InterestRate]/12) * POWER((1 + ([InterestRate]/12)), ([Bond years]*12)) / (POWER((1 + ([InterestRate]/12)), ([Bond years]*12)))
In Appsheet a number division returns an integer. So you may want to try
(1000000) * ([InterestRate]/12.00) * POWER((1 + ([InterestRate]/12.00)), ([Bond years]*12.00)) / (POWER((1 + ([InterestRate]/12.00)), ([Bond years]*12.00)))
Please test well extensively.
Please see the associated tip by @Steve
Fix for expression giving 0% or missing decimal pa... - Google Cloud Community
Hi Suvrutt_Gurjar
Thank you for your input. Ive tried all the suggestions by @Steve and still get the same answere 9,791.67
(1000000) * ([InterestRate]/12) * POWER((1 + ([InterestRate]/12)), ([Bond years]*12)) / (POWER((1 + ([InterestRate]/12)), ([Bond years]*12)))
9,791.67
(1000000) * ([InterestRate]/12.0) * POWER((1 + ([InterestRate]/12)), ([Bond years]*12)) / (POWER((1 + ([InterestRate]/12)), ([Bond years]*12)))
9,791.67
(1000000) * ( DECIMAL([InterestRate]/12.00)) * POWER((1 + DECIMAL([InterestRate]/12.00)), (DECIMAL([Bond years]*12.00))) / (POWER((1 + (DECIMAL([InterestRate]/12.00)), (DECIMAL([Bond years]*12.00))))
9,791.67
Okay, thank you for the update. I will also test in a test app and update you.
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