SAS PMT Function vs. Excel PMT Function

[newboy1218]

Hi, I used the SAS FMT function and Excel PMT function with the same inputs but they gave me different output.. Why is that?

SAS:

data aa;
	PMT = round(pmt(0.008325, 24, 1750.37, 437.5925), 0.01); 
run;

Output: 64.21

Excel:

	A	B
1	pv	1750.37
2	fv	437.5925
3	amortization	24
4	interest	0.0999

Formula: =PMT(B4/12,B3,B1,B2)

Output: 

($97.31)

[PaigeMiller]

Something not making sense to me here. If you set FV to zero, then SAS and Excel give the same answer. That's good. But then if you set FV to 437.5925, you would expect payment amount to go down, and in SAS it does.

data aa;
	PMT1 =pmt(0.0999/12, 24, 1750.37,0); 
	PMT2 =pmt(0.0999/12, 24, 1750.37,437.5925); 
run;

In Excel the payment amount goes up when FV=437.5925 compared to when FV=0, which as far as I understand things, is wrong.

[PaigeMiller · Accepted solution]

And then, like a flash from the heavens (which happens a lot here in Buffalo, NY), the answer came to me:

In Excel, if you set FV= –437.5925, it matches what SAS gives when FV=437.5925. Go figure!

[newboy1218]

yeah and I also tried using the FINANCE PMT function.. when I do 

PMT4 = finance('pmt', 0.008325, 24, 1750.37, -437.5925);

it will give me -64.21491967, but if I do:

PMT4 = finance('pmt', 0.008325, 24, 1750.37, 437.5925);

it will give me -97.31031261..

Does anyone know why I need to put a negative sign in front of the FV when I am using Excel or FINANCE PMT functions?