Hi all, I am noticing a significant difference between how Excel calculates
a payment and how regular financial software calculates it. Take an
example:-

Term: 60 months
Amount: $25,266
Rate: 6.29% pa

Payment Function: PMT(6.29/360, 60*30, -25266) returns $441.

My financial software gives me $491. That is $50 difference! Why? The
software I am using is Auto loan calculation software and I know it is
right, because it is used by banks.

TIA!