payper

Periodic payment of loan or annuity

Syntax

Payment = payper(Rate,NumPeriods,PresentValue)

Payment = payper(___,FutureValue,Due)

Description

Payment = payper(Rate,NumPeriods,PresentValue) returns the periodic payment of a loan or annuity.

Payment = payper(___,FutureValue,Due) adds optional arguments.

Examples

Compute the Periodic Payment of a 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

Input Arguments

Rate — Interest rate per period

decimal

Interest rate per period, specified as a decimal.

Data Types: double

NumPeriods — Number of payment periods in life of instrument

integer

Number of payment periods in the life of instrument, specified as an integer.

Data Types: double

PresentValue — Present value of the instrument

numeric

Present value of the instrument, specified as a numeric.

Data Types: double

FutureValue — Future value or target value attained after NumPeriods periods

0 (default) | numeric

(Optional) Future value or target value to be attained after NumPeriods periods, specified as a numeric.

Data Types: double

Due — Indicator for when payments are due

0 (default) | logical with value of 1 or 0

(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.

Data Types: logical

Output Arguments

Payment — Periodic payment

numeric

Periodic payment, returns the periodic payment of a loan or annuity.

More About

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.