i keep getting the wrong answer. pretty sure my calculator is set correctly. borrower agrees to make 5 annual payments on a 1 million dollar loan 6% loan. what is the annual pmt if the loan is fully amortized? my inputs n=5 i=6 pv = 1MM compute PMT = -177,633,796, which is not the answer. what am i doing wrong?
Using those inputs, I got PMT = -237,396.40 Did you make sure you cleared FV? Either clear everything and re-enter or press [FV]
thanks. forgot to set FV=0. major oversight.