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payodd

Payment of loan or annuity with odd first period

Syntax

Payment = payodd(Rate, NumPeriods, PresentValue, FutureValue, Days)

Arguments

rate

Interest rate per period. Enter as a decimal fraction.

NumPeriods

Number of periods in the life of the instrument.

PresentValue

Present value of the instrument.

FutureValue

Future value or target value to be attained after NumPeriods periods.

Days

Actual number of days until the first payment is made.

Description

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

Examples

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Compute the Payment for a Loan or Annuity With an Odd First Period

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

See Also

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