Periodic payment of loan or annuity
Compute the Periodic Payment of a Loan or Annuity
This example shows how to find the monthly payment for a three-year loan of $9000 with an annual interest rate of 11.75%.
Payment = payper(0.1175/12, 36, 9000, 0, 0)
Payment = 297.8553
Rate — Interest rate per period
Interest rate per period, specified as a decimal.
NumPeriods — Number of payment periods in life of instrument
Number of payment periods in the life of instrument, specified as an integer.
PresentValue — Present value of the instrument
Present value of the instrument, specified as a numeric.
FutureValue — Future value or target value attained after
0 (default) | numeric
(Optional) Future value or target value to
be attained after
periods, specified as a numeric.
Due — Indicator for when payments are due
0 (default) | logical with value of
(Optional) Indicator for when payments are
due, specified as a logical with a value of
0 = end of period (default), or
1 = beginning of period.
Payment — Periodic payment
Periodic payment, returns the periodic payment of a loan or annuity.
An annuity is a series of payments over a period of time.
The payments are usually in equal amounts and usually at regular intervals such as quarterly, semiannually, or annually.