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payodd

Payment of loan or annuity with odd first period

Description

example

Payment = payodd(Rate,NumPeriods,PresentValue,FutureValue,Days) computes the payment for a loan or annuity with an odd first period.

Examples

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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

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Interest rate per period, specified as a decimal.

Data Types: double

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

Data Types: double

Present value of the instrument, specified as a numeric.

Data Types: double

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

Data Types: double

Actual number of days until the first payment is made, specified as an integer.

Data Types: double

Output Arguments

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Payment, returns the payment for a loan or annuity with an odd first period.

Introduced before R2006a