Interest (IPMT)
Syntax: IPMT(Interest; Period; Time; Loan; Future; Type)
The IPMT function returns the amount of interest that you need to pay in a given accounting period when you borrow a certain amount of money (loan) for a specified length of time. For example, if you borrow $1,000,000 at an interest rate of 7.25% for 25 years and want to know how much interest you have to pay back within the first month, you can find that out with this formula:
=IPMT(7.25%/12; 1; 25*12; 1,000,000)
The answer is –$6041.67.
Figure 8-6. Sample result of the IPMT function
The period argument specifies for which accounting period the interest is going to ...
Get Beginning OpenOffice Calc: From Setting Up Simple Spreadsheets to Business Forecasting now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
