I'm needing to calculate monthly payments -- but from the beginning of the month, as opposed to the end which appears to be standard. This is the standard monthly payment formula:
$$M = P\frac{i(1+i)^n}{(1+i)^n-1}$$
(M=monthly payment, P=principal, i=interest rate, n=number of payments)
What changes need to be made so it's calculating from the beginning of the month? What I'm trying to do is the equivalent of the Excel formula =PMT(A1,A2,A3,,1) but I don't need to know the result of the calculation so much as I need to know how to do it and I can't seem to Google anything up.
Thanks!