payodd (Financial Toolbox)

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.

`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

A two-year loan for $4000 has an annual interest rate of 11%. The first payment will be made in 36 days. To find the monthly payment

Payment = payodd(0.11/12, 24, 4000, 0, 36)

returns

```
Payment =

         186.77
```

See Also

amortize, payadv, payper

payadv payper