PMT calculation for college savings

[Arundhati]

I am trying to calculate monthly savings needed for college given the following inputs:

- Remaining amount needed for college -> "RemainingCollegeAmountKid1"

- Interest Rate: 6% per year

- Time to college (in months) - > "Kid1TimetocollegeinMonths"

 

I used this formula in the calculated field but I get 'Calculation error'. can someone help please? Thanks in advance

 

IsNull([@field:RemainingCollegeAmountKid1] * (6/1200)*POWER(1+(6/1200), [@field:Kid1TimetoCollegeinMonths])/(POWER(1+(6/1200), [@field:Kid1TimetoCollegeinMonths])-1),0)

 

 

 

[RuisiHansamu]

Hi @Arundhati- If you are using this formula, please do check the DataTypes of each fields that are included on your formula. There might be instances that they are not compatible and you may need to CAST or CONVERT them. On the other hand, I see that you have the 'POWER' to the raised number. You may try to insert the field after the power,

(for example:  'Power([@field:Number], 2)' ) The two is the number raised.

You can remove the single quotation in there. For more information, feel free to use this link for your reference: https://howto.caspio.com/function-reference/

In addition, if you are trying to calculate the monthly savings, you can try the Date and time functions that is also in that documentation. 

Helpful links that are related: https://howto.caspio.com/faq/reports-datapages/calculated-fields-and-datediff-function/ and https://howto.caspio.com/datapages/reports/advanced-reporting/calculations-in-forms-and-reports/

I hope this helps you out though!  

 

[Arundhati]

Thank you!

[Kurumi]

Hi @Arundhati,

For PMT Calculation, you can check this video as well:

Hope it helps!

[Arundhati]

Thank you!