I want to calculate the PMT value. I have the following equation: $$P =\frac{P_vR}{1-(1+R)^{-n_p}}$$ where present value $P_v=8262$, interest rate $R=0.875$ and number of periods $n_p=60$.
If I use the calculator, I get $-7229$. When I use the PMT function in Excel, I get $-177.58$. When I use this online calculator, I get $-177.58$. I don't understand which result is correct?
With the 177 values, the interest rate is 0.875% = 0.00875.
With the 7229 value, the interest rate is 0.875 = 87.5%.