Calculates the payment on interest for an investment based on periodic payments and a constant interest rate.

**Sample Usage**

IPMT(2,5,12,100)

IPMT(A2,B2,C2,D2,E2,1)

**Syntax**

IPMT(rate, period, total_periods, present_value, [future_value], [type])

- rate - The annualized rate of interest.

- period - The period for which you want to find the interest payment.
- total_periods - The total number of payment periods.
- present_value - The present value of the annuity.
- future_value - [OPTIONAL] The future value remaining after the final payment has been made.
- type - [OPTIONAL] The due date type for the payment – at the beginning (0) or end of each period (1).

**Examples**

IPMT(2,5,12,100) calculates the interest due in the fifth of twelve months.

**Notes**

- Ensure that consistent units are used for rate, period and total_periods.