Got it! (Partly, anyway). Your explanation let me come out at the correct amount for the first period, but rest aren't right. Here's what I see: AnnualInterestReceived is 0.1425; divide it by 12 (to create MontlyInterestReceived) is 0.011875; multiply it by 6 (to create OtherPeriodInterestReceived) is 0.07125 (in both Excel and SAS) By the same logic, AnnualInterestPaid is 0.0743936167; divide it by 12 (to create MontlyInterestPaid) is 0.006199468; multiply it by 6 (to create OtherPeriodInterestPaid) is 0.037196808. So i=1 should be ((1 + 0.07125) * 2403350) - (0.037196808 * 2403350) which comes to 2485191.739 in Excel and SAS. Tom
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