# PAYMENT()

Payments for a loan

Syntax

  PAYMENT (nLoan, nInterest, nPeriods) --> nPayment

Arguments

  <nLoan> amount of money you get from the bank <nInterest> rate of interest per period, 1 == 100% <nPeriods> period count

Returns

  <nPayment> Periodical payment one has to make to pay the loan <nLoan> back

Description

  PAYMENT() calculates the payment one has to make periodically to pay back a loan <nLoan> within <nPeriods> periods and for a rate of interest <nInterest> per period. debt in period 0 = <nLoan> debt in period 1 = ((debt in period 0)-<nPayment>)*(1+<nInterest>/100) debt in period 2 = ((debt in period 1)-<nPayment>)*(1+<nInterest>/100) etc... debt in period <nPeriod> = ((debt in period <nPeriod>-1)-<nPayment>)*(1+<nInterest>/100) -> has to be 0, so <nPayment> = <nLoan>*(<nInterest>/100)/(1-(1+<nInterest>/100)^(-n))

Examples

          // You get a loan of 5172.56 at a interest rate of 0.5% per
          // month (6% per year).
          // For 5 years, you have to pay back every month

          ? payment (5172.56, 0.005, 60)  --> 100.00
    Tests
          payment (5172.56, 0.0, 60)   == 86.21
          payment (5172.56, 0.005, 60) == 100.00

Status

  Ready

Compliance

  PAYMENT() is compatible with CT3's PAYMENT().

Platforms

  All

Files

  Source is finan.c, library is libct.

See Also

- PV()
- FV()
- PERIODS()
- RATE()