payper

Periodic payment of loan or annuity

Syntax

Payment = payper(Rate,NumPeriods,PresentValue,FutureValue,Due)

Arguments

Rate

Interest rate per period. Enter as a decimal fraction.

NumPeriods

Number of payment periods in the life of the instrument.

PresentValue

Present value of the instrument.

FutureValue

(Optional) Future value or target value to be attained after NumPeriods periods. Default = 0.

Due

(Optional) When payments are due: 0 = end of period (default), or 1 = beginning of period.

Description

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.

Examples

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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

Introduced before R2006a