payper
Periodic payment of loan or annuity
Description
returns the periodic payment of a loan or
annuity.Payment
= payper(Rate
,NumPeriods
,PresentValue
)
adds optional arguments.Payment
= payper(___,FutureValue
,Due
)
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.
Version History
Introduced before R2006a
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