Periodic payment of 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.