Calculates the payment on interest for an investment based on periodic payments and a constant interest rate.
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).
IPMT(2,5,12,100) calculates the interest due in the fifth of twelve months.
- Ensure that consistent units are used for rate, period and total_periods.