Present value calculation difference between Lease Asset in SAP Re-FX & MS. Excel

Hello Experts,

As i calculated the PV (Present Value) formula in Excel however the result is different & in RE-FX under the Lease Contract the present value calculation is different. Please find below example for your reference

Lease Term - 3 Years

Interest Rate - 8 %

Lease Payment - 120000 [120000 X 3 = 360000]

IN MS EXCEL CALCULATION THROUGH FORMULA PV

PV = (Interest, Lease Term, Lease Payment)

PV = 309251.64

PRESENT VALUE CALCULATION IN SAP RE-FX LEASE CONTRACT

According to SAP system, the Present value is 321245.48

So, Experts could you please throw the light on it & please share your valuable inputs here.

Thanks & Regards,

Rudransh