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Description: Returns the principal payment for a specific period of an investment based on periodic constant payments and a constant interest rate.
Syntax: PPMT(Rate, Per, Nper, PV, Fv, Type])
For a more complete description of the arguments in PPMT, see the PV function.
Rate is the interest rate per period.
Per specifies the period and must be in the range 1 to Nper.
Nper is the total number of payment periods in an annuity.
PV is the present value - the total amount that a series of future payments is worth now.
Fv is the future value, or a cash balance you want to attain after the last payment is made.
Type is the number 0 or 1 and indicates when payments are due.
| Set Type equal to | If payments are due |
| 0 or omitted | At the end of the period |
| 1 | At the beginning of the period |
Remarks:
Make sure that you are consistent about the units you use for specifying Rate and Nper. If you make monthly payments on a four-year loan at 12 percent annual interest, use 0.12/12 for Rate and 4*12 for Nper. If you make annual payments on the same loan, use 0.12 for Rate and 4 for Nper.
Examples:
Payment on principle for the first month of loan.
PPMT(.10/12, 1, 2*12, 2000,0,0) = -75.62
Principal payment for the last year of the loan with the above terms.
PPMT(.08, 10, 10, 200000,0,0) = -27,598.05
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