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    I use the following function to calculate present value:

    function PresentValue(FV, IR, PMT : Real; N : Integer) : Real;
    var
       IFactor, IFactor1, R1, R2 : Real;
    begin
         {set values of variables}
         IFactor      := (IR / 1200.0);
         IFactor1     := (1.0 + IFactor);
         R1           := Exp(-N * LN(IFactor1));
         R2           := ((FV * IFactor) - (-PMT)) + ((Exp(N * LN(IFactor1))) * (-PMT));
         {calc the result}
         PresentValue := ((R1 * R2) / IFactor);
    end;

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