Excel X PMT function seems incorrect

[Joseph]

Using the Fx button from the top of the screen and entering the
following for each question, the PMT amount comes up incorrectly. Am I
doing something wrong or is this a known problem? Can any body shed
any light?

rate .06
Nper 360
PV 200000

PMT result is 12,000.00

According to my financial calculator that should yield 1,199.10

[J.E. McGimpsey]

You need to have all your arguments in the same time units:

PMT(rate, Nper, PV)

Since NPer = 360, I assume you want monthly payments. So

rate = 6%/12
Nper = 360
PV = 200000

and PMT(6%/12, 360, 200000) ===> -1,199.10

Note that the PMT will be negative since the PV is positive (You're
receiving 200000, so cash is coming in, then pay back 1199.10 per
month, or cash goes out). You can reverse the signs if you want, as
long as you are consistent.

In article <667d1d76.03032...@posting.google.com>, Joseph

[Graham Marshall]

I can't reconcile the PMT function with a payments table. In the example below the PMT for a $10000 loan fully amortised over 10 years at an interest rate of 5% solves for an annual payment of $1233.38. However when I set that out in a schedule I get $776 remaining after 10 years. Alternatively the payment goal seeks as $1295 pa to get zero residual. I have tried both 1 and 0 for the 'Type' but that doesn't solve the problem. Any suggestions ?

PV LOAN 10000
Nper Term 10
i i 5.00%
PMT -$1,233.38

PMT Formula -1,233

1 10,000 500 -1,233 9,267
2 9,267 463 -1,233 8,497
3 8,497 425 -1,233 7,688
4 7,688 384 -1,233 6,839
5 6,839 342 -1,233 5,948
6 5,948 297 -1,233 5,012
7 5,012 251 -1,233 4,029
8 4,029 201 -1,233 2,997
9 2,997 150 -1,233 1,913
10 1,913 96 -1,233 776

Goal Seek -1,295

1 10,000 500 -1,295 9,205
2 9,205 460 -1,295 8,370
3 8,370 419 -1,295 7,494
4 7,494 375 -1,295 6,573
5 6,573 329 -1,295 5,607
6 5,607 280 -1,295 4,592
7 4,592 230 -1,295 3,527
8 3,527 176 -1,295 2,408
9 2,408 120 -1,295 1,233
10 1,233 62 -1,295 -0