Amortize
Mon 01 January 2018Syntax
Amortize(intr, pb, pmt, pmtnbr, payintr, payprin, balance)
Description
Use the Amortize function to compute the amount of a loan payment applied towards interest ( payintr ), the amount of the payment applied towards principal ( payprin ), and the remaining balance balance , based on the principal balance ( pb ) at the beginning of the loan term, the amount of one payment pmt , the interest rate charged during one payment period ( intr ), and the payment number pmtnbr .
Parameters
Note that payintr , payprin, and balance are âoutvarsâ: you must pass variables in these parameters, which the Amortize function then fills with values. The remaining parameters are âinvarsâ containing data the function needs to perform its calculation.
|
Field or Control |
Definition |
|---|---|
| intr |
Number indicating the percent of interest charged per payment period. |
| pb |
Principal balance at the beginning of the loan term (generally speaking, the amount of the loan). |
| pmt |
The amount of one loan payment. |
| pmtnbr |
The number of the payment. |
| payintr |
The amount of the payment paid toward interest. |
| payprin |
The amount of the payment paid toward principal. |
| balance |
The remaining balance after the payment. |
Returns
None.