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ANNUITY


This function is able to directly compute Computes an annuity for you. An annuity is a terminating "stream" of fixed payments, i.e., a collection of payments to be periodically received over a specified period of time.

It is computed using this formula:

where

  • J = monthly payment
  • i = rate of interest
  • n = number of terms
  • T = loan amount


Syntax

Code Block
 ANNUITY ( loan_amount , interest_rate , number_of_terms )


Inputs

  • loan_amount - The total currency amount that should be paid back.

  • interest_rate - The interest rate as type percentage that should be paid on a loan (As a fraction, e.g. 5% = 0.05)

  • number_of_terms - The number of terms as integer.


Return type

  • number - The monthly payment.


Examples

ExpressionResultType
ANNUITY ( 1000 , 0.05 , 12 )112.8254Number
ANNUITY ( 1000 , 0.05 , 1 )1050Number


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