Periodic payment of loan or annuity
Payment = payper(Rate,NumPeriods,PresentValue,FutureValue,Due)
Interest rate per period. Enter as a decimal fraction.
Number of payment periods in the life of the instrument.
Present value of the instrument.
(Optional) Future value or target value to be attained
(Optional) When payments are due:
Payment = payper(Rate,NumPeriods,PresentValue,FutureValue,Due) 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.
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