Similar to this:

?ypayloan(LoanAmount, YearFixRate, Months2pay)
*-------------------
Function ypayloan
lParameter pnLoanAmount, pnFixedYearRate, pnMonths
return pnLoanAmount/12*(pnFixedYearRate-;
pnFixedYearRate/(1-(1+pnFixedYearRate/12)^pnMonths))
*---------------------

Here you should use YearFixedRate instead of MonthFixedRate in the foxpro payment() function.


>We have an old FoxPro for Dos program that uses the Payment function, The original Developers are long gone. The user would to know how the calculation is done. Syntax is
>
> payment = PAYMENT(loanamount,interest/payment, numberofpayments)
>
>For example if loanamount is 3500, interest is 9.5, and number of payments of payments is 24 then interest is .095/24 and payment is 153.16.
>
>Home is this caluclated?
>
>Any help appreciated.