payodd
Payment of loan or annuity with odd first period
Description
computes the payment for a loan or annuity with an odd first period.Payment
= payodd(Rate
,NumPeriods
,PresentValue
,FutureValue
,Days
)
Examples
Compute the Payment for a Loan or Annuity With an Odd First Period
This example shows how to return the payment for a loan or annuity with an odd first period. For example, consider a two-year loan for $4000 that has an annual interest rate of 11% and the first payment will be made in 36 days.
Payment = payodd(0.11/12, 24, 4000, 0, 36)
Payment = 186.7731
Input Arguments
Rate
— Interest rate per period
decimal
Interest rate per period, specified as a decimal.
Data Types: double
NumPeriods
— Number of periods in the life of the instrument
integer
Number of periods in the life of the instrument, specified as an integer.
Data Types: double
PresentValue
— Present value of instrument
numeric
Present value of the instrument, specified as a numeric.
Data Types: double
FutureValue
— Future value or target value attained after NumPeriods
periods
numeric
Future value or target value to be attained after
NumPeriods
periods, specified as a numeric.
Data Types: double
Days
— Actual number of days until first payment is made
integer
Actual number of days until the first payment is made, specified as an integer.
Data Types: double
Output Arguments
Payment
— Payment
numeric
Payment, returns the payment for a loan or annuity with an odd first period.
Version History
Introduced before R2006a
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