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# IPMT Function

The IPMT function is one of the financial functions. It is used to calculate the interest payment for an investment based on a specified interest rate and a constant payment schedule.

### Syntax

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

The IPMT function has the following arguments:

Argument Description
rate The interest rate for the investment.
per The period you want to find the interest payment for. The value must be from 1 to nper.
nper A number of payments.
pv A present value of the payments.
fv A future value (i.e. a cash balance remaining after the last payment is made). It is an optional argument. If it is omitted, the function will assume fv to be 0.
type A period when the payments are due. It is an optional argument. If it is set to 0 or omitted, the function will assume the payments to be due at the end of the period. If type is set to 1, the payments are due at the beginning of the period.

### Notes

Cash paid out (such as deposits to savings) is represented by negative numbers; cash received (such as dividend checks) is represented by positive numbers. Units for rate and nper must be consistent: use N%/12 for rate and N*12 for nper in case of monthly payments, N%/4 for rate and N*4 for nper in case of quarterly payments, N% for rate and N for nper in case of annual payments.

How to apply the IPMT function.

### Examples

The figure below displays the result returned by the IPMT function.