Calculating a payment (1 Viewer)

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Brian0721PA

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• Aug 6, 2003

• #1

What is the formula for calculating a monthly payment on a mortgage in a form? is this possible. I have the loan amount, term, and interest rate. I can do this in excel, but how in access?

Thanks alot!!


Brian

 

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Mark Wild

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• Aug 6, 2003

• #2

In the cell on the form where you want to show the result, set the data control source to = then your formula, refering to the names of the fields that contain the data.

Eg =[tbInterestRate]*[tbTerm]

 

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Brian0721PA

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• Aug 6, 2003

• #3

What I have so far

Here is what I have so far: =Pmt([Interest Rate]/12,[Term],-[Loan Amount]) It's giving me some wacky number that is way out of range. Any suggestions?

Thanks alot!

 

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Mark Wild

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• Aug 6, 2003

• #4

Have you got the term as # yrs or yrs*periods in year?

 

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Brian0721PA

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• Aug 6, 2003

• #5

Term

I have the term in number of months. Maybe it should be years?