What would be the the mathematical equivalent of this excel formula? =PMT()
I need to create a JavaScript form that does the same calculation as this =PMT() function.
mortgage = 220000
rate= 4.75%
term = 30
The example formula I have is =PMT(4.75%/12,30*12,220000*-1)
What would be the equation for this function? I tried to look up this function but it doesn't explain it very well.
microsoft-excel worksheet-function
edited Dec 23 '18 at 21:48
MarianD
1,4231518
asked Jan 30 '15 at 2:30
Jakeray
131112
add a comment |
I need to create a JavaScript form that does the same calculation as this =PMT() function.
mortgage = 220000
rate= 4.75%
term = 30
The example formula I have is =PMT(4.75%/12,30*12,220000*-1)
What would be the equation for this function? I tried to look up this function but it doesn't explain it very well.
microsoft-excel worksheet-function
edited Dec 23 '18 at 21:48
MarianD
1,4231518
asked Jan 30 '15 at 2:30
Jakeray
131112
add a comment |
I need to create a JavaScript form that does the same calculation as this =PMT() function.
mortgage = 220000
rate= 4.75%
term = 30
The example formula I have is =PMT(4.75%/12,30*12,220000*-1)
What would be the equation for this function? I tried to look up this function but it doesn't explain it very well.
microsoft-excel worksheet-function
edited Dec 23 '18 at 21:48
MarianD
1,4231518
asked Jan 30 '15 at 2:30
Jakeray
131112
I need to create a JavaScript form that does the same calculation as this =PMT() function.
mortgage = 220000
rate= 4.75%
term = 30
The example formula I have is =PMT(4.75%/12,30*12,220000*-1)
What would be the equation for this function? I tried to look up this function but it doesn't explain it very well.
microsoft-excel worksheet-function
microsoft-excel worksheet-function
edited Dec 23 '18 at 21:48
MarianD
1,4231518
asked Jan 30 '15 at 2:30
Jakeray
131112
edited Dec 23 '18 at 21:48
MarianD
1,4231518
asked Jan 30 '15 at 2:30
Jakeray
131112
edited Dec 23 '18 at 21:48
MarianD
1,4231518
edited Dec 23 '18 at 21:48
MarianD
1,4231518
edited Dec 23 '18 at 21:48
MarianD
1,4231518
1,4231518
asked Jan 30 '15 at 2:30
Jakeray
131112
asked Jan 30 '15 at 2:30
Jakeray
131112
asked Jan 30 '15 at 2:30
Jakeray
131112
131112
add a comment |
add a comment |
1 Answer
1
active
oldest
votes
The equation you want is: P = (Pv*R) / [1 - (1 + R)^(-n)]
where
P = Monthly Payment
Pv = Present Value (starting value of the loan)
APR = Annual Percentage Rate
R = Periodic Interest Rate = APR/number of interest periods per year
n = Total number of interest periods (interest periods per year * number of years)
Using the variables above, the Excel =PMT() function is =PMT(R,n,Pv)
So, for your example where:
- rate (APR) = 4.75% (making R=4.75%/12 or 0.0475/12)
- mortgage (Pv) = 220000
- term (# of years) = 30 (n=30*12 with monthly payments)
The equation becomes:
P = ((220000 * (0.0475/12)) / (1 - ((1 + (0.0475/12))^(-1 * 30 * 12))))
Or, with the original equation shown directly below it for comparison:
P = ((220000 * (0.0475/12)) / (1 - ((1 + (0.0475/12))^(-1 * 30 * 12))))
P = ( Pv * R ) / (1 - ( 1 + R )^( -n )
Which, if anyone is checking, equals $1,147.62416.
– Andrew Jens
Jun 27 '17 at 6:58
add a comment |
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1 Answer
1
active
oldest
votes
1 Answer
1
active
oldest
votes
active
oldest
votes
active
oldest
votes
The equation you want is: P = (Pv*R) / [1 - (1 + R)^(-n)]
where
P = Monthly Payment
Pv = Present Value (starting value of the loan)
APR = Annual Percentage Rate
R = Periodic Interest Rate = APR/number of interest periods per year
n = Total number of interest periods (interest periods per year * number of years)
Using the variables above, the Excel =PMT() function is =PMT(R,n,Pv)
So, for your example where:
- rate (APR) = 4.75% (making R=4.75%/12 or 0.0475/12)
- mortgage (Pv) = 220000
- term (# of years) = 30 (n=30*12 with monthly payments)
The equation becomes:
P = ((220000 * (0.0475/12)) / (1 - ((1 + (0.0475/12))^(-1 * 30 * 12))))
Or, with the original equation shown directly below it for comparison:
P = ((220000 * (0.0475/12)) / (1 - ((1 + (0.0475/12))^(-1 * 30 * 12))))
P = ( Pv * R ) / (1 - ( 1 + R )^( -n )
Which, if anyone is checking, equals $1,147.62416.
– Andrew Jens
Jun 27 '17 at 6:58
add a comment |
The equation you want is: P = (Pv*R) / [1 - (1 + R)^(-n)]
where
P = Monthly Payment
Pv = Present Value (starting value of the loan)
APR = Annual Percentage Rate
R = Periodic Interest Rate = APR/number of interest periods per year
n = Total number of interest periods (interest periods per year * number of years)
Using the variables above, the Excel =PMT() function is =PMT(R,n,Pv)
So, for your example where:
- rate (APR) = 4.75% (making R=4.75%/12 or 0.0475/12)
- mortgage (Pv) = 220000
- term (# of years) = 30 (n=30*12 with monthly payments)
The equation becomes:
P = ((220000 * (0.0475/12)) / (1 - ((1 + (0.0475/12))^(-1 * 30 * 12))))
Or, with the original equation shown directly below it for comparison:
P = ((220000 * (0.0475/12)) / (1 - ((1 + (0.0475/12))^(-1 * 30 * 12))))
P = ( Pv * R ) / (1 - ( 1 + R )^( -n )
Which, if anyone is checking, equals $1,147.62416.
– Andrew Jens
Jun 27 '17 at 6:58
add a comment |
The equation you want is: P = (Pv*R) / [1 - (1 + R)^(-n)]
where
P = Monthly Payment
Pv = Present Value (starting value of the loan)
APR = Annual Percentage Rate
R = Periodic Interest Rate = APR/number of interest periods per year
n = Total number of interest periods (interest periods per year * number of years)
Using the variables above, the Excel =PMT() function is =PMT(R,n,Pv)
So, for your example where:
- rate (APR) = 4.75% (making R=4.75%/12 or 0.0475/12)
- mortgage (Pv) = 220000
- term (# of years) = 30 (n=30*12 with monthly payments)
The equation becomes:
P = ((220000 * (0.0475/12)) / (1 - ((1 + (0.0475/12))^(-1 * 30 * 12))))
Or, with the original equation shown directly below it for comparison:
P = ((220000 * (0.0475/12)) / (1 - ((1 + (0.0475/12))^(-1 * 30 * 12))))
P = ( Pv * R ) / (1 - ( 1 + R )^( -n )
The equation you want is: P = (Pv*R) / [1 - (1 + R)^(-n)]
where
P = Monthly Payment
Pv = Present Value (starting value of the loan)
APR = Annual Percentage Rate
R = Periodic Interest Rate = APR/number of interest periods per year
n = Total number of interest periods (interest periods per year * number of years)
Using the variables above, the Excel =PMT() function is =PMT(R,n,Pv)
So, for your example where:
- rate (APR) = 4.75% (making R=4.75%/12 or 0.0475/12)
- mortgage (Pv) = 220000
- term (# of years) = 30 (n=30*12 with monthly payments)
The equation becomes:
P = ((220000 * (0.0475/12)) / (1 - ((1 + (0.0475/12))^(-1 * 30 * 12))))
Or, with the original equation shown directly below it for comparison:
P = ((220000 * (0.0475/12)) / (1 - ((1 + (0.0475/12))^(-1 * 30 * 12))))
P = ( Pv * R ) / (1 - ( 1 + R )^( -n )
answered Jan 30 '15 at 3:29
user387876
Which, if anyone is checking, equals $1,147.62416.
– Andrew Jens
Jun 27 '17 at 6:58
add a comment |
Which, if anyone is checking, equals $1,147.62416.
– Andrew Jens
Jun 27 '17 at 6:58
Which, if anyone is checking, equals $1,147.62416.
– Andrew Jens
Jun 27 '17 at 6:58
Which, if anyone is checking, equals $1,147.62416.
– Andrew Jens
Jun 27 '17 at 6:58
add a comment |
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