Amortize function

Syntax

Amortize(intr, pb, pmt, pmtnbr, payintr, payprin, balance)

Description

Use the Amortize function to compute the amount of a loan payment applied towards interest (payintr), the amount of the payment applied towards principal (payprin), and the remaining balance balance, based on the principal balance (pb) at the beginning of the loan term, the amount of one payment pmt, the interest rate charged during one payment period (intr), and the payment number pmtnbr.

Parameters

Note that payintr, payprin, and balance are “outvars”: you must pass variables in these parameters, which the Amortize function then fills with values. The remaining parameters are “invars” containing data the function needs to perform its calculation.

Parameter	Description
intr	Number indicating the percent of interest charged per payment period.
pb	Principal balance at the beginning of the loan term (generally speaking, the amount of the loan).
pmt	The amount of one loan payment.
pmtnbr	The number of the payment.
payintr	The amount of the payment paid toward interest.
payprin	The amount of the payment paid toward principal.
balance	The remaining balance after the payment.

Returns

None.

Example

Suppose you want to calculate the principal, interest, and remaining balance after the 24th payment on a loan of $15,000, at an interest rate of 1% per loan payment period, and a payment amount of $290.

&INTRST_RT=1;
&LOAN_AMT=15000;
&PYMNT_AMNT=290;
&PYMNT_NBR=24;
Amortize(&INTRST_RT, &LOAN_AMT, &PYMNT_AMNT, &PYMNT_NBR, &PYMNT_INTRST, &PYMNT_⇒
PRIN, &BAL);
&RESULT = "Int=" | String(&PYMNT_INTRST) | " Prin=" | String(&PYMNT_PRIN) | "   ⇒
 Bal=" | String(&BAL);

This example sets &RESULT equal to "Int=114 Prin=176 Bal=11223.72".