Payment Command

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Payment[ <Rate>, <Number of Periods>, <Present Value>, <Future Value (optional)>, <Type (optional)> ]
Calculates the payment for a loan based on constant payments and a constant interest rate.
  • <Rate> Interest rate per period.
  • <Number of Periods> Total number of payments for the loan.
  • <Present Value> Total amount that a series of future payments is worth now.
  • <Future Value (optional)> A cash balance you want to attain after the last payment. If you do not enter a future value, it is assumed to be 0.
  • <Type (optional)> Indicates when payments are due. If you do not enter a value or you enter 0 the payment is due at the end of the period. If you enter 1 it is due at the beginning of the period.
Example:
Payment[6%/12, 10, 10000, 0,1] yields a monthly payment for a loan of -1022.59.
Note: Make sure that you are consistent about the units you use for <Rate> and <Number of Periods>. If you make monthly payments on a four-year loan at an annual interest rate of 6 percent, use 6%/12 for rate and 4*12 for number of payments.
Note: For all arguments, cash paid out is represented by negative numbers and cash received by positive numbers.
Note: See also Rate, Periods, Present Value and Future Value commands.
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