IPMT, XLIPMT

Syntax: |
IPMT(R, P, NP, PV[, FV[, T]]) |

XLIPMT(R, P, NP, PV, FV[, T]]) |

*R* = Interest rate per period

*P* = The period for which the interest will be calculated (an integer)

*NP* = The total number of payment periods

*PV* = The present value of the investment

*FV* = The future value or a cash balance you would like to
attain at the end of the last period

*T* = (Optional) timing of the payment:

0 | payment is made at the end of the period |

1 | payment is made at the beginning of the period |

**IPMT** returns the interest payment for a specified period
for an loan or investment based on periodic, constant
payments and a constant interest rate.

Make sure that the units used for *R* and *P* are consistent.
For example, for a 5-year loan with 12% annual interest,
if you make payments monthly, use 12%/12 for (monthly) *R*
and for *NP*.

If *FV* is omitted, it is assumed to be zero. Similarly, if
*T* is omitted, it is assumed to be zero.

**XLIPMT** returns a negative value for consistency with
Excel's **IPMT**. Otherwise, the two functions are identical.

**Example:**

**IPMT**(10%/12, 1, 24, 2000, 0, 0) = 16.6667

**XLIPMT**(10%/12, 1, 24, 2000, 0, 0) = -16.6667

**IPMT**(10%/12, 1, 24, 2000, 0, 0) = -16.6667
(in Excel compatibility mode)

**Excel function:** **XLIPMT** is compatible with Excel's **IPMT**
(In Excel compatibility mode, the ``XL'' prefix is not used.)

Grey Trout Software

02 March 2003