# Calculate Car Payment

#### Aaron

##### Board Regular
Forgive me for being not so bright, but I was wondering if there is a function to calculate a car payment. For some reason all of the custom formulas I have used are not producing anything close. Any help would be appreciated. Sorry I left out some information, I want to be able to use a dynamic interest rate, i.e. change the rate to verify payment.

OS XP
Excel 2002

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Hi,

Never used it, but have you tried the PMT financial function which "calculates the payment for a loan based on constant payments & a constant interest rate"

HTH

Alan

I think I am having trouble understanding the =PMT formula. The only constants I have is interest rate, Current value, and number of payments. =PMT asks for future value which you can omit, and type, which I don't fully understand.

Hi Aaron,

Here is an example:

=PMT(5.5%/12, 48, 10000)

Where:
5.5% is the interest rate
48 is the period (in months) over which the repayments will be made
10000 is the amount loaned

I hope this helps.

=PMT works, I guess I was just putting in some errant cells. I appreciate everyones help with this one.

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