Since the function library in Forms doesn't contain an equivalent to MS Excel's PMT function, I'm trying to put together one long-hand. Here's the standard equation:
P = (Pv*R) / [1 - (1 + R)^(-n)]
Forms Variables are:
- Pv = Loan_Amount
- R = Fixed_Rate/Payment_Frequence (Payment_Frequency is a drop-down field with word values that I'm assigning numeric values to)
- n = Ammortization (total number of payments over life of the loan)
Here's the formula I've come up with. I did it based on 1/(1+R)^n instead of (1+R)^(-n) just in case Forms couldn't handle the negative exponent.
I keep getting a calculation error, though it's not telling me where the issue is. Any ideas where I'm going wrong?