IPMT

Description Returns the interest payment of an annuity for a given period, based on regular payments and a fixed periodic interest rate.

Syntax IPMT ( interest, per, nper, pv [, fv] [, type] )

Argument	Description
interest	The fixed periodic interest rate.
per	The period for which to return the interest payment. This number must be between 1 and nper.
nper	The number of payments.
pv	The present value, or the lump sum amount the annuity is currently worth.
[fv]	Optional. The future value, or the value after all payments are made. If this argument is omitted, 0 is used.
[type]	Optional. Indicates when payments are due. Use 0 if payments are due at the end of the period or 1 if payments are due at the beginning of the period. If this argument is omitted, 0 is used.

Remarks The units used for interest must match those used for nper. For example, if the annuity has an 8 percent annual interest rate over a period of 5 years, specify 8 percent/12 for interest and 5*12 for nper.

Cash paid out, such as a payment, is shown as a negative number. Cash received, such as a dividend check, is shown as a positive number.

Examples This function returns -117.87:

IPMT(8%/12, 2, 48, 18000)

This function returns -117.09:

IPMT(8%/12, 2, 48, 18000, 0, 1)

See Also FV, CUMIPMT, CUMPRINC, NPER, PMT, PPMT, PV, RATE