payadv
Periodic payment given number of advance payments
Description
computes the periodic payment given a number of advance payments.Payment
= payadv(Rate
,NumPeriods
,PresentValue
,FutureValue
,Advance
)
Examples
Compute the Periodic Payment
This example shows how to compute the periodic payment, given a number of advance payments. For example, the present value of a loan is $1000.00 and it will be paid in full in 12 months. The annual interest rate is 10% and three payments are made at closing time.
Payment = payadv(0.1/12, 12, 1000, 0, 3)
Payment = 85.9389
Input Arguments
Rate
— Lending or borrowing rate per period
decimal
Lending or borrowing rate per period, specified as a decimal. The
Rate
must be greater than or equal to
0
.
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
Advance
— Number of advance payments
integer
Number of advance payments, specified as an integer. If the payments are
made at the beginning of the period, add 1
to
Advance
.
Data Types: double
Output Arguments
Payment
— Periodic payment
numeric
Periodic payment, returned as the periodic payment given a number of advance payments.
Version History
Introduced before R2006a
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