Periodic payment given number of advance payments
Payment = payadv(Rate, NumPeriods, PresentValue, FutureValue,
Lending or borrowing rate per period. Enter as a decimal fraction. Must be greater than or equal to 0.
Number of periods in the life of the instrument.
Present value of the instrument.
Future value or target value to be attained after NumPeriods periods.
Number of advance payments. If the payments are made at the beginning of the period, add 1 to Advance.
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