Payment of loan or annuity with odd first period
Payment = payodd(Rate, NumPeriods, PresentValue, FutureValue, Days)
Interest rate per period. Enter as a decimal fraction.
Number of periods in the life of the instrument.
Present value of the instrument.
Future value or target value to be attained after NumPeriods periods.
Actual number of days until the first payment is made.
Payment = payodd(Rate, NumPeriods, PresentValue, FutureValue, Days) returns 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