## Purpose

## Return value

## Arguments

*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.

## Syntax

## Usage notes

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.

### Notes

- 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.