Microsoft Office Tutorials and References
In Depth Information
Using CUMIPMT to Calculate Total Interest Payments During a Time Frame
Caution
The algorithm behind the IPMT function is new and more accurate in
Excel 2013. Be aware that Excel 2007 and Excel 2013 might produce dif-
ferent results for some uses of IPMT.
Using
Using CUMIPMT
CUMIPMT to Calculate Total Interest Payments During a Time Frame
to Calculate Total Interest Payments During a Time Frame
The CUMIPMT function is great for figuring out your yearly tax deduction
for your mortgage interest. After specifying the typical components of a
loan, such as the rate, term, and amount, you need to specify that you want
to calculate the interest for particular periods, such as Periods 6 through
18.
Caution
The algorithm behind the CUMIPMT function is new and more accurate
in Excel 2013. Be aware that Excel 2007 and Excel 2013 might produce
different results for some uses of CUMIPMT.
Syntax
CUMIPMT(rate,nper,pv,start_period,end_period,type)
The CUMIPMT function returns the cumulative interest paid on a loan
between start_periodand end_period. This function takes the following argu-
ments:
rate
rate This is the interest rate.
nper
nper This is the total number of payment periods.
ppv This is the present value.
start_period
start_period This is the first period in the calculation. Payment
periods are numbered beginning with 1.
end_period
end_period This is the last period in the calculation.
type
type This is either 0 or 1 to indicate when payments are due. The de-
fault value of 0 assumes that payments are due at the end of the
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