The following PMT formula calculates the monthly payment for a $100,000 mortgage, repaid over a period of 20 years, at 8% annual interest:
As Canadian interest rates are calculated semi-annually, rather than annually, the above formula will not calculate the payments correctly.
How can we modify the above PMT formula to calculate monthly payments for Canadian mortgages?
With interest rate in column A, period (years) in column B, and mortgage sum in column C, use the PMT function as shown in the following formula:
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