How can I switch the pmt function to calculate based on a 360 day

M

mcovington

I am using Excel to calculate loan payments. I need to have the calculations
based on a 360 day calendar. Any ideas? Is installation of an add on required?
 
D

Duke Carey

The PMT() function is based on a 30/360 schedule, i.e., 30 day months, 360
dya years.

If you're trying to calculate 30/360 interest for periods between 2
specified dates, use the DAYS360() function. Look at Help for this function
to see what its limiations are
 

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