Question: Excel Help with Formula PMT (7.48% / 12, 60, - 20000) This formula assumes: An interest rate of 7.48% (for credit scores of 700-749). A

Excel Help with Formula

PMT (7.48% / 12, 60, - 20000)

  • This formula assumes:
    • An interest rate of 7.48% (for credit scores of 700-749).
    • A loan term of 60 months.
    • A loan amount (present value) of $20,000

The monthly payment should be $400.5689

But I am using same formula and getting a different Monthly payment Infect Higher: $12466.67. This seems off. Am i doing something wrong?

Please see below

Inters rate Loan term in Car Price Monthly payment
7.48 60 20000 $12,466.67

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