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PAYMENT()
Computes the periodic payment amount
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Syntax
PAYMENT(<nCapital>,<nInterestRate>,<nNumberpayments>,)
--> nPayment
Arguments
<nCapital> Designates the loan amount.
<nInterestRate> Designates the periodic interest rate. 1
corresponds to 100%.
<nNumberPayments> Designates the number of payments on the loan
within the payment period.
Returns
PAYMENT() returns the payment to make for each payment period.
Description
PAYMENT() computes the payment for each period where loan interest
applies. The determined amount relates to a loan amount <nCapital> that
is repaid over <nNumberPayments>, at an interest rate of
<nInterestRate>.
Example
How high does the monthly annuity amount have to be, if you want to
repay a $2,000.00 loan within 24 months at an annual interest rate of
10%:
nRate := 0.1/12 // The monthly rate
? PAYMENT(2000, Rate, 24) // 92.29 per month
See Also:
PV()
FV()
RATE()
PERIODS()
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Written by Dave Pearson