Financial Toolbox    
payodd

Payment of loan or annuity with odd first period

Syntax

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

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

returns

See Also

amortize, payadv, payper


  payadv payper