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ANNUITY
Computes an annuity. 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
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
| Expression | Result | Type |
|---|---|---|
| ANNUITY ( 1000 , 0.05 , 12 ) | 112.8254 | Number |
| ANNUITY ( 1000 , 0.05 , 1 ) | 1050 | Number |
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