This article describes the formula syntax and usage of the IPMT function in Microsoft Excel.

## Description

Returns the interest payment for a given period for an investment based on periodic, constant payments and a constant interest rate.

## Syntax

IPMT(rate, per, nper, pv, [fv], [type])

The IPMT function syntax has the following arguments:

• Rate    Required. The interest rate per period.
• Per    Required. The period for which you want to find the interest and must be in the range 1 to nper.
• Nper    Required. The total number of payment periods in an annuity.
• Pv    Required. The present value, or the lump-sum amount that a series of future payments is worth right now.
• Fv    Optional. The future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (the future value of a loan, for example, is 0).
• Type    Optional. The number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.

## Remarks

• Make sure that you are consistent about the units you use for specifying rate and nper. If you make monthly payments on a four-year loan at 12 percent annual interest, use 12%/12 for rate and 4*12 for nper. If you make annual payments on the same loan, use 12% for rate and 4 for nper.
• For all the arguments, cash you pay out, such as deposits to savings, is represented by negative numbers; cash you receive, such as dividend checks, is represented by positive numbers.

## Example

Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.

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