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Interest Payment Function
Math Financial Class

Public Function InterestPayment( _
      ByVal vRate As Variant _
    , ByVal vPer As Variant _
    , ByVal vNPer As Variant _
    , ByVal vPV As Variant _
    , Optional ByVal vFV As Variant _
    , Optional ByVal vType As Variant _
    ) As Variant

Calculate the part of a payment representing interest for an annuity based on fixed, periodic payments and a fixed interest rate.

Example: How much of your 5th monthly payment on a four-year, 7% annual percentage rate (APR), $20,000 loan represents a repayment of interest? Approximately $108.14. 
    InterestPayment(0.07 / 12, 5, 4 * 12, 20000) = -108.13972561271
See the InterestPaymentVerify Subroutine for more examples of this Function.
See also: 
    PrincipalPayment Function
    Payment Function
    CumulativeInterestPayment Function
    InterestRate Function
    NumberPeriods Function
    PresentValue Function
    FutureValue Function
    PaymentType Function
    IPMT Function (Microsoft Excel)
Summary: An annuity is a series of fixed payments (all payments are the same amount) made over time. An annuity can be a loan (such as a car loan or a mortgage loan) or an investment (such as a savings account or a certificate of deposit).
vRate: Interest rate per period, expressed as a decimal number. The vRate and vNPer arguments must be expressed in corresponding units. If vRate is a monthly interest rate, then the number of periods (vNPer) must be expressed in months. For a mortgage loan at 6% annual percentage rate (APR) with monthly payments, vRate would be 0.06 / 12 or 0.005. Function will return Null if vRate is Null or cannot be interpreted as a number.
vPer: Number of the period whose interest payment amount is to be returned. Function will return Null if vNPer is Null, cannot be interpreted as a number, or is not between 1 (one) and vNPer.
vNPer: Number of periods. The vRate and vNPer arguments must be expressed in corresponding units. If vRate is a monthly interest rate, then the number of periods (vNPer) must be expressed in months. For a 30-year mortgage loan with monthly payments, vNPer would be 30 * 12 or 360. Function will return Null if vNPer is Null or cannot be interpreted as a number.
vPV: Present value (lump sum) of the series of future payments. Cash paid out is represented by negative numbers and cash received by positive numbers. Function will return Null if vPV is Null or cannot be interpreted as a number.
vFV: Optional future value (cash balance) left after the final payment. Cash paid out is represented by negative numbers and cash received by positive numbers. The future value of a loan will usually be 0 (zero). vFV defaults to 0 (zero) if it is missing or Null or cannot be interpreted as a number.
vType: Optional argument that specifies when payments are due. Set to 0 (zero) if payments are due at the end of the period, and set to 1 (one) if payments are due at the beginning of the period. vType defaults to 0 (zero), meaning that payments are due at the end of the period, if it is missing or Null or cannot be interpreted as a number. Function returns Null if vType is not 0 (zero) nor 1 (one).
v2.0 Addition: This function is new to this version of Entisoft Tools.

Copyright 1996-1999 Entisoft
Entisoft Tools is a trademark of Entisoft.