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PV / [(1- (1 / (1 + i)n )) / i]
Where PV=amt of loan (present value)
i=periodic interest rate
n=# of periods
so in excel you could enter this
=100000/((1-(1/(1+ (0.12/12)) ^ 12) )/(0.12/12))
...and get the same answer as the PMT formula. You'd want to create a calculated field using this logic.
The formula is what's known as an annuity. Do a google search for annuity formulas and you'll find more details/examples.