payodd

Payment of loan or annuity with odd first period

Syntax

Payment = payodd(Rate,NumPeriods,PresentValue,FutureValue,Days)

Description

Payment = payodd(Rate,NumPeriods,PresentValue,FutureValue,Days) computes the payment for a loan or annuity with an odd first period.

Examples

Compute the Payment for a Loan or Annuity With an Odd First Period

This example shows how to return the payment for a loan or annuity with an odd first period. For example, consider a two-year loan for $4000 that has an annual interest rate of 11% and the first payment will be made in 36 days.

Payment = payodd(0.11/12, 24, 4000, 0, 36)

Payment = 
186.7731

Input Arguments

Rate — Interest rate per period

decimal

Interest rate per period, specified as a decimal.

Data Types: double

NumPeriods — Number of periods in the life of the instrument

integer

Number of periods in the life of the instrument, specified as an integer.

Data Types: double

PresentValue — Present value of instrument

numeric

Present value of the instrument, specified as a numeric.

Data Types: double

FutureValue — Future value or target value attained after NumPeriods periods

numeric

Future value or target value to be attained after NumPeriods periods, specified as a numeric.

Data Types: double

Days — Actual number of days until first payment is made

integer

Actual number of days until the first payment is made, specified as an integer.

Data Types: double

Output Arguments

Payment — Payment

numeric

Payment, returns the payment for a loan or annuity with an odd first period.

Version History

Introduced before R2006a