Excel 2007 : PMT calculator

[petedam]

So this is the question. The company was granted a loan at prime ((5.5%) plus 1%) and I was asked to figure out the monthly loan payment.


Amount of Business Loan $100,000.00
Down Payment $10,000.00
Annual Interest Rate
Term (Years) 10
Monthly Payment $1,021.93
I used the PMT formula to get my answer above.

=PMT((5.5%+1%)/12,10*12,-(100,000-10,000))

thanks in advance.