Payment of loan or annuity with odd first period

```
Payment = payodd(Rate, NumPeriods, PresentValue, FutureValue, Days)
```

| Interest rate per period. Enter as a decimal fraction. |

| Number of periods in the life of the instrument. |

| Present value of the instrument. |

| Future value or target value to be attained after |

| Actual number of days until the first payment is made. |

```
Payment = payodd(Rate, NumPeriods, PresentValue, FutureValue,
Days)
```

returns the payment for a loan or annuity with an
odd first period.

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