- rate - The interest rate per period.
- per - The payment period of interest.
- nper - The total number of payment periods.
- pv - The present value, or total value of all payments now.
- fv - [optional] The cash balance desired after last payment is made. Defaults to 0.
- type - [optional] When payments are due. 0 = end of period. 1 = beginning of period. Default is 0.
The IPMT function can be used to calculate the interest portion of a given loan payment in a given payment period. For example, you can use IPMT to get the interest amount of a payment for the first period, the last period, or any period in between.
- Be consistent with inputs for rate. For example, for a 5-year loan with 4.5% annual interest, enter the rate as 4.5%/12.
- By convention, the loan value (pv) is entered as a negative value.