I am looking to write an equation that allows me to set up 6 monthly equal payments on a past due account to bring it current. The closest I've gotten is the PMT equation:
PMT= PV* i*(1+r)^n/((1+r)^n-1)
However this would give 6 equal payments to paying the balance in full instead. This equations deals with interest and late fees assesed monthly. Any help would be greatly appreciated.
PMT= PV* i*(1+r)^n/((1+r)^n-1)
However this would give 6 equal payments to paying the balance in full instead. This equations deals with interest and late fees assesed monthly. Any help would be greatly appreciated.