Determining Bi-Weekly Payments (PMT ?)

[kescco]

Here is an example of what I need.

Loan - $6000
APR - 4.25%
Months - 60
Payments - Bi-Weekly

I know this is probably best done with the PMT function but the bi-weekly thing is throwing me off a bit.

All help is appreciated.

 

[brettdj]

work in fortnights, ie
=PMT(4.25%/26,130,6000)

hth

Dave

 

[kescco]

work in fortnights, ie
=PMT(4.25%/26,130,6000)

hth

Dave

I understand where I was off here. I was not adjusting the formula with all arguments being the same time frame. The 4.25/26 gets it to the bi-weekly rate with 130 being the total number of payments (5*26=130).

Thanks for the help. I get it now.

Kescco