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payper

Periodic payment of loan or annuity

Description

example

Payment = payper(Rate,NumPeriods,PresentValue) returns the periodic payment of a loan or annuity.

example

Payment = payper(___,FutureValue,Due) adds optional arguments.

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

Input Arguments

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Interest rate per period, specified as a decimal.

Data Types: double

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

Data Types: double

Present value of the instrument, specified as a numeric.

Data Types: double

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

Data Types: double

(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

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Periodic payment, returns the periodic payment of a loan or annuity.

More About

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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.

Introduced before R2006a