payper (Financial Toolbox)

Periodic payment of loan or annuity.

Syntax

pmt = payper(rate, nper, pv, fv, due)
pmt = payper(rate, nper, pv, fv)
pmt = payper(rate, nper, pv)

Arguments

fv: Future value or remaining balance after nper periods. Default = 0.

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

Description

pmt = payper(rate, nper, pv, fv, due)

returns the periodic payment of a loan or annuity.

Example

Find the monthly payment for a three-year loan of $9000 with an annual interest rate of 11.75%:

pmt = payper(0.1175/12, 36, 9000, 0, 0)

returns

pmt =
        297.86