MORT Function
Returns amortization parameters.
| Category: | Financial |
| Returned data type: | DOUBLE |
Syntax
Arguments
a
specifies any valid expression that evaluates to the initial amount.
| Data type | DOUBLE |
| See | <sql-expression> |
| FedSQL Expressions |
p
specifies any valid expression that evaluates to the periodic payment.
| Data type | DOUBLE |
| See | <sql-expression> |
| FedSQL Expressions |
r
specifies any valid expression that evaluates to the periodic interest rate that is expressed as a fraction.
| Data type | DOUBLE |
| See | <sql-expression> |
| FedSQL Expressions |
n
specifies any valid expression that evaluates to the number of compounding periods.
| Range | n ≥ 0 |
| Data type | INTEGER |
| See | <sql-expression> |
| FedSQL Expressions |
Details
Calculating Results
The MORT function returns
the missing argument in the list of four arguments from an amortization
calculation with a fixed interest rate that is compounded each period.
The arguments are related by the following equation:
One missing argument
must be provided. The value is then calculated from the remaining
three. No adjustment is made to convert the results to round numbers.
Restrictions in Calculating Results
The MORT function returns
an invalid argument note to the SAS log and sets _ERROR_ to 1 if one
of the following argument combinations is true:
-
rate < –1 or n < 0
-
principal <= 0 or payment <= 0 or n <= 0
-
principal <= 0 or payment <= 0 or rate <= –1
-
principal * rate > payment
-
principal > payment * n
Example
In the following example,
an amount of $50,000 is borrowed for 30 years at an annual interest
rate of 10% compounded monthly.
select mort(50000, . , .10/12, 30*12);
The value that is returned
is 438.79 (rounded). The second argument is set to missing, which
indicates that the periodic payment is to be calculated. The 10% nominal
annual rate has been converted to a monthly rate of 0.10/12. The rate
is the fractional (not the percentage) interest rate per compounding
period. The 30 years are converted to 360 months.
Copyright © SAS Institute Inc. All Rights Reserved.
Last updated: February 23, 2017