I'm trying to find the annual payment for a $300 million loan compounded annually at 10% over 30 years. When I use the Excel payment function I get $31,823,774.48, but when I use my BA II Plus (set with C/Y to 1 and P/Y to 1) with N=30, I/Y=10, and PV=300,000,000 it gives me $31,826,138.14. I can't understand why there is a ~$2,400 difference. I know it's not end of year/beginning of year discrepancy, because that difference would be a lot more. If anyone can help me figure this out I'd appreciate it very much - there will be times in finance class when I can't use Excel!!
2007-01-18
02:35:57
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3 answers
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