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Annuity Installment Formula

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gm.saran
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12 years 3 weeks ago - 12 years 3 weeks ago #14146 by gm.saran

Annuity Installment Formula was created by gm.saran

Hi,

Any ideas on the formula/calculation or built-in routine used by T24 to arrive at the "Annuity Installment" for Int.Basis - B (366/360) calculation.

The excel formula PMT always gives less installment, when compared to the "Annuity Installment" expected by T24 in case of Int.Basis B, and is not accepted by T24 showing an Error in the Schedule Screen as "Amount Must be atleast xxx.xx"

Scenario:

Loan Amt: 25000
Payment: Monthly
Interest: 8.5
Int. Basis: B (366/360)
Term: 60 Months

T24 Expected Inst: 514.422
Excel PMT Inst: 512.91 [PMT(8.5%/12,60,25000]

Appreciate anyones help . . .

Last edit: 12 years 3 weeks ago by gm.saran.

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