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IPmt Function Example
This example uses the
IPmt function to calculate how much of a payment is interest when all the payments are of equal value. Given are the interest percentage rate per period (
APR / 12
), the payment period for which the interest portion is desired (
Period
), the total number of payments (
TotPmts
), the present value or principal of the loan (
PVal
), the future value of the loan (
FVal
), and a number that indicates whether the payment is due at the beginning or end of the payment period (
PayType
).
Dim FVal, Fmt, PVal, APR, TotPmts, PayType, Period, IntPmt, TotInt, Msg
Const ENDPERIOD = 0, BEGINPERIOD = 1 ' When payments are made.
FVal = 0 ' Usually 0 for a loan.
Fmt = "###,###,##0.00" ' Define money format.
PVal = InputBox("How much do you want to borrow?")
APR = InputBox("What is the annual percentage rate of your loan?")
If APR > 1 Then APR = APR / 100 ' Ensure proper form.
TotPmts = InputBox("How many monthly payments?")
PayType = MsgBox("Do you make payments at end of the month?", vbYesNo)
If PayType = vbNo Then PayType = BEGINPERIOD Else PayType = ENDPERIOD
For Period = 1 To TotPmts ' Total all interest.
IntPmt = IPmt(
APR / 12,
Period,
TotPmts,
-PVal,
FVal,
PayType)
TotInt = TotInt + IntPmt
Next Period
Msg = "You'll pay a total of " & Format(TotInt, Fmt)
Msg = Msg & " in interest for this loan."
MsgBox Msg ' Display results.