Returns amortization parameters.

Category: | Financial |

In the
following statement, an amount of $50,000 is borrowed for 30 years
at an annual interest rate of 10 percent compounded monthly. The monthly
payment can be expressed as follows:

payment=mort(50000, . , .10/12,30*12);

The value
that is returned is 438.79 (rounded). The second argument has been
set to missing, which indicates that the periodic payment is to be
calculated. The 10 percent 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.

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