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# 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.)

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