Returns the amount of each periodic payment on a fixed-interest loan.
Syntax
PAYMENT(nPrincipal, nInterestRate, nPayments)
Returns
Numeric
Arguments
nPrincipal
Specifies the beginning principal of the loan.
nInterestRate
Specifies the fixed interest rate per period. If monthly payments are made on the loan but the interest rate is annual, divide the annual interest rate by 12.
nPayments
Specifies the total number of payments to be made on the loan.
Remarks
PAYMENT( ) assumes a constant periodic interest rate and assumes that payments are made at the end of each period.