<p class="Paragraph"><help:help-text value="visible" xmlns:help="http://openoffice.org/2000/help">Calculates the periodic amortizement for an investment with regular payments and a constant interest rate.</help:help-text></p>
<p class="Paragraph"><span class="T1">Rate</span> is the periodic interest rate.</p>
<p class="Paragraph"><span class="T1">Period</span> is the amortizement period. P=1 for the first and P=NPER for the last period.</p>
<p class="Paragraph"><span class="T1">NPER</span> is the total number of periods during which annuity is paid.</p>
<p class="Paragraph"><span class="T1">PV</span> is the present value in the sequence of payments.</p>
<p class="Paragraph"><span class="T1">FV</span> (optional) is the desired (future) value.</p>
<p class="Paragraph"><span class="T1">Type</span> (optional) defines the due date. F=1 for payment at the beginning of a period and F=0 for payment at the end of a period.</p>
<p class="Head3">Example</p>
<p class="Paragraph">How high is the periodic payment at an interest rate of 8,75% over a period of 3 years? The cash value is 5,000 currency units. It should always be paid at the beginning of a period. The future value is 8,000 currency units.</p>
<p class="Paragraph"><help:help-text value="visible" xmlns:help="http://openoffice.org/2000/help">Returns the cumulative interest paid for an investment period with a constant interest rate.</help:help-text></p>
<p class="Paragraph"><span class="T1">Rate</span> is the periodic interest rate.</p>
<p class="Paragraph"><span class="T1">NEPER</span> is the payment period with the total number of periods. NPER can also be a non-integer value.</p>
<p class="Paragraph"><span class="T1">FV</span> is the current value in the sequence of payments.</p>
<p class="Paragraph"><span class="T1">START_PERIOD</span> is the first period.</p>
<p class="Paragraph"><span class="T1">END_PERIOD</span> is the last period.</p>
<p class="Paragraph"><span class="T1">F</span> is the due date of the payment at the beginning or end of each period.</p>
<p class="Head3">Example</p>
<p class="Paragraph">What are the payoff amounts if the interest rate is 5.5% for 36 periods. The cash value is 15,000 currency units. The payoff amount is calculated between the 10th and 18th period. The due date is at the end of the period.</p>
<p class="Paragraph">CUMPRINC(5.5%;36;15000;10;18;0) = -2560.52 currency units. The payoff amount between the 10th and 18th period is 2560.52 currency units.</p>
<p class="Paragraph">Rate: the interest rate for each period.</p>
<p class="Paragraph">NPER: the total number of payment periods. The rate and NPER must refer to the same unit, and thus both be calculated annually or monthly.</p>
<p class="Paragraph">NPV: the current value.</p>
<p class="Paragraph">Start period: the first payment period for the calculation.</p>
<p class="Paragraph">End period: the last payment period for the calculation.</p>
<p class="Paragraph">M: the maturity of a payment at the end of each period (M = 0) or at the start of the period (M = 1).</p>
<p class="Head3">Example</p>
<p class="Paragraph">The following mortgage loan is taken out on a house:</p>
<p class="Paragraph">Rate: 9.00 per cent per annum (9% / 12 = 0.0075), Duration: 30 years (payment periods = 30 * 12 = 360), NPV: 125000 currency units.</p>
<p class="Paragraph">How much will you repay in the second year of the mortgage (thus from periods 13 to 24)?</p>
<p class="Paragraph"><help:help-text value="visible" xmlns:help="http://openoffice.org/2000/help">Calculates the cumulative interest payments, i.e. the total interest, for an investment based on a constant interest rate.</help:help-text></p>
<p class="Paragraph"><span class="T1">Rate</span> is the periodic interest rate.</p>
<p class="Paragraph"><span class="T1">NEPER</span> is the payment period with the total number of periods. NPER can also be a non-integer value.</p>
<p class="Paragraph"><span class="T1">FV</span> is the current value in the sequence of payments.</p>
<p class="Paragraph"><span class="T1">START_PERIOD</span> is the first period.</p>
<p class="Paragraph"><span class="T1">END_PERIOD</span> is the last period.</p>
<p class="Paragraph"><span class="T1">F</span> is the due date of the payment at the beginning or end of each period.</p>
<p class="Head3">Example</p>
<p class="Paragraph">What are the interest payments at a periodic interest rate of 5.5 %, a periodic period of 2 years and a current cash value of 5,000 currency units? The start period is the 4th and the end period is the 6th period. The periodic payment is due at the beginning of each period.</p>
<p class="Paragraph">CUMIPMT(5.5%;24;5000;4;6;1) = -710.21 currency units. The interest payments for between the 4th and 6th period are 710.21 currency units.</p>
<p class="Paragraph">Rate: the interest rate for each period.</p>
<p class="Paragraph">NPER: the total number of payment periods. The rate and NPER must refer to the same unit, and thus both be calculated annually or monthly.</p>
<p class="Paragraph">NPV: the current value.</p>
<p class="Paragraph">Start period: the first payment period for the calculation.</p>
<p class="Paragraph">End period: the last payment period for the calculation.</p>
<p class="Paragraph">M: the maturity of a payment at the end of each period (M = 0) or at the start of the period (M = 1).</p>
<p class="Head3">Example</p>
<p class="Paragraph">The following mortgage loan is taken out on a house:</p>
<p class="Paragraph">Rate: 9.00 per cent per annum (9% / 12 = 0.0075), Duration: 30 years (NPER = 30 * 12 = 360), NPV: 125000 currency units.</p>
<p class="Paragraph">How much interest must you pay in the second year of the mortgage (thus from periods 13 to 24)?</p>
<p class="Paragraph">Calculates the market value of a fixed interest security with a par value of 100 currency units as a function of the forecast yield.</p>
<p class="Paragraph">A security is purchased on 2/15/1999; the maturity date is 11/15/2007. The nominal rate of interest is 5.75%. <text:s text:c="" xmlns:text="http://openoffice.org/2000/text"/>The yield is 6.5%. The redemption value is 100 currency units. Interest is paid half-yearly (frequency is 2). With calculation on basis 0 the price is as follows:</p>
<p class="Paragraph">A security is purchased on 2/15/1999; the maturity date is 3/1/1999. Discount in per cent is 5.25%. The redemption value is 100. When calculating on basis 2 the price discount is as follows:</p>
<p class="Paragraph"><help:help-text value="visible" xmlns:help="http://openoffice.org/2000/help">DURATION is a function belonging to the financial mathematics.</help:help-text> Returns the annual duration of an investment with periodic interest payments.</p>
<p class="Head3">Syntax</p>
<p class="Paragraph">DURATION(Rate;PV;FV)</p>
<p class="Paragraph"><span class="T1">Rate</span> is a constant. The interest rate is to be calculated for the entire duration (duration period). The interest rate per period is calculated by dividing the interest rate by the calculated duration. The internal rate for an annuity is to be entered as Internal Rate/12.</p>
<p class="Paragraph"><span class="T1">PV</span> is the present (current) value. The cash value is the deposit of cash or the current cash value of an allowance in kind. As a deposit value a positive value must be entered; the deposit must not be 0 or <0.</p>
<p class="Paragraph"><span class="T1">FV</span> is the expected value. The future value determines the desired (future) value of the deposit.</p>
<p class="Head3">Example</p>
<p class="Paragraph">At an interest rate of 4.75%, a cash value of 25,000 currency units and a future value of 1,000,000 currency units, a duration of 79.49 payment periods is returned. The periodic payment is the resulting quotient from the future value and the duration, i.e. 1,000,000/79.49=12,850.20.</p>
<p class="Paragraph"><help:help-text value="visible" xmlns:help="http://openoffice.org/2000/help">Returns the straight-line depreciation of an asset for one period.</help:help-text>The amount of the depreciation is constant during the depreciation period.</p>
<p class="Head3">Syntax</p>
<p class="Paragraph">SLN(COST; SALVAGE; LIFE)</p>
<p class="Paragraph"><span class="T1">COST</span> is the initial cost of an asset.</p>
<p class="Paragraph"><span class="T1">SALVAGE</span> is the value of an asset at the end of the depreciation.</p>
<p class="Paragraph"><span class="T1">LIFE</span> is the depreciation period determining the number of periods in the depreciation of the asset.</p>
<p class="Head3">Example</p>
<p class="Paragraph">Office equipment with an initial cost of 50,000 currency units is to be depreciated over 7 years. The value at the end of the depreciation is to be 3,500 currency units.</p>
<p class="Paragraph">SLN(50000;3,500;84) = 553.57 currency units. The periodic monthly depreciation of the office equipment is 553.57 currency units.</p>
<p class="Paragraph">A security is purchased on 1/1/2001; the maturity date is 1/1/2006. The nominal rate of interest is 8%. The yield is 9.0%. Interest is paid half-yearly (frequency is 2). Using daily balance interest calculation (basis 3) how long is the modified duration?</p>
<p class="Paragraph"><help:help-text value="visible" xmlns:help="http://openoffice.org/2000/help">Returns the net present value of an investment based on a series of periodic cash flows and a discount rate.</help:help-text></p>
<p class="Paragraph"><span class="T1">RATE</span> is the discount rate for a period.</p>
<p class="Paragraph"><span class="T1">Value1;...</span> are up to 30 values, which represent deposits or withdrawals.</p>
<p class="Head3">Example</p>
<p class="Paragraph">What is the net present value of periodic payments in hundreds of 345, 276 and -145 currency units with a discount rate of 8.75%.</p>
<p class="Paragraph">NPV(8.75%;345;276;-145) = 437.87 currency units. The net present value is therefore 437.87 currency units.</p>
<p class="Paragraph"><help:help-text value="visible" xmlns:help="http://openoffice.org/2000/help">Calculates the yearly nominal interest rate, given the effective rate and the number of compounding periods per year.</help:help-text></p>
<p class="Paragraph">Calculates the annual nominal rate of interest on the basis of the effective rate and the number of interest payments per annum.</p>
<p class="Paragraph"><help:help-text value="visible" xmlns:help="http://openoffice.org/2000/help">Calculates the modified internal rate of return of a series of investments.</help:help-text></p>
<p class="Paragraph"><span class="T1">Values </span>corresponds to the matrix or the cell reference for cells whose content corresponds to the payments.</p>
<p class="Paragraph"><span class="T1">INVESTMENT </span>is the rate of interest of the investments (the negative values of the matrix)</p>
<p class="Paragraph"><span class="T1">REINVESTMENT </span>is the rate of interest of the reinvestment (the positive values of the matrix)</p>
<p class="Head3">Example</p>
<p class="Paragraph">Assuming a cell content of A1=-5, A2=10, A3=15 and A4=8, and an investment value of 0.5 and a reinvestment value of 0.1 you will see the result 94.16%.</p>
<p class="Paragraph">A security is purchased on 2/15/1999. It matures on 11/15/2007. The rate of interest is 5.75%. The price is 95.04287 currency units per 100 units of par value, the redemption value is 100 units. Interest is paid half-yearly (frequency = 2) and the basis is 0. How high is the yield?</p>
<p class="Paragraph">=YIELD("2/15/1999"; "11/15/2007"; 0.0575 ;95.04287; 100; 2; 0) returns 0.065 or 6.5 per cent.</p>
<p class="Paragraph">A non-interest-bearing security is purchased on 2/15/1999. It matures on 3.1. 1999. The price is 99.795 currency units per 100 units of par value, the redemption value is 100 units. The basis is 2. How high is the yield?</p>
<p class="Paragraph">=YIELDDISC("2/15/1999"; "3/1/1999"; 99.795; 100; 2) returns 0.052823 or 5.2823 per cent.</p>
<p class="Paragraph">A security is purchased on 3/15/1999. It matures on 11/3/1999. The issue date was 11/8/1998. The rate of interest is 6.25%, the price is 100.0123 units. The basis is 0. How high is the yield?</p>
<p class="Paragraph">=YIELDMAT("3/15/1999"; "11/3/1999"; "11/8/1998"; 0.0625; 100.0123; 0) returns 0.060954 or 6.0954 per cent.</p>
<p class="Paragraph"><help:help-text value="visible" xmlns:help="http://openoffice.org/2000/help">Returns the periodic payment for an annuity with constant interest rates.</help:help-text></p>
<p class="Paragraph"><span class="T1">Rate</span> is the periodic interest rate.</p>
<p class="Paragraph"><span class="T1">NPER</span> is the number of periods in which annuity is paid.</p>
<p class="Paragraph"><span class="T1">PV</span> is the present value (cash value) in a sequence of payments.</p>
<p class="Paragraph"><span class="T1">FV</span> (optional) is the desired value (future value) to be reached at the end of the periodic payments.</p>
<p class="Paragraph"><span class="T1">F</span> (optional) is the due date for the periodic payments. F=1 is payment at the beginning and F=0 is payment at the end of each period.</p>
<p class="Head3">Example</p>
<p class="Paragraph">What are the periodic payments at an interest rate of 1.99% if the payment period is 3 years and the cash value is 25,000 currency units.</p>
<p class="Paragraph">PMT(1.99%;36;25000) = -979.25 currency units. The periodic monthly payment is therefore 979.25 currency units.</p>
<p class="Paragraph">Calculates the annual return on a treasury bill (<help:key-word value="treasury bill" tag="kw68336_4" xmlns:help="http://openoffice.org/2000/help"/>treasury bill<help:key-word value="treasury bills" tag="kw68336_18" xmlns:help="http://openoffice.org/2000/help"/>). A treasury bill is purchased on the settlement date and sold at the full par value on the maturity date, that must fall within the same year. A discount is deducted from the purchase price.</p>