Returns the amount of each periodic payment on a fixed-interest loan.
PAYMENT(nPrincipal, nInterestRate, nPayments)
- Specifies the beginning principal of the loan.
- 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.
- Specifies the total number of payments to be made on the loan.
PAYMENT(В ) assumes a constant periodic interest rate and assumes that payments are made at the end of each period.
STORE 100000 to gnPrincipal && $100,000 beginning principal STORE .105/12 TO gnInterest && 10.5% annual interest rate STORE (20*12) TO gnPayments && 20 years of monthly payments CLEAR ? PAYMENT(gnPrincipal, gnInterest, gnPayments) && Displays 998.38