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Returns the amount of each periodic payment on a fixed-interest loan.

PAYMENT(nPrincipal, nInterestRate, nPayments)

Parameters

nPrincipal


Specifies the beginning principal of the loan.
nInterestRate


Specifies the fixed interest rate per period. If monthly payments are made on the loan but the interest rate is annual, divide the annual interest rate by 12.
nPayments


Specifies the total number of payments to be made on the loan.

Return Value

Numeric

Remarks

PAYMENT(В ) assumes a constant periodic interest rate and assumes that payments are made at the end of each period.

Example

В Copy Code
STORE 100000 to gnPrincipal     && $100,000 beginning principal
STORE .105/12 TO gnInterest  && 10.5% annual interest rate
STORE (20*12) TO gnPayments     && 20 years of monthly payments
CLEAR
? PAYMENT(gnPrincipal, gnInterest, gnPayments)  && Displays 998.38

See Also



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