PAYMENT Function
The PAYMENT function calculates the amount due in each payment period to reach the future value by the end of the term.
If you know the rate, term, present value, future value and type of a savings scheme or loan you can use the PAYMENT function to work out the amount to apply in each payment period to reach the full amount.
Function name 
PAYMENT 
Usage model  PAYMENT ( rate:NUM, term:NUM, present value:NUM, future value:NUM, type:NUM )

Parameters  This function requires you to replace two of five parameters (three are optional): 
rate: NUM 
The function uses this value as the interest rate per payment period. 
term: NUM 
The function uses this value as the total number of payment periods. 
present value: NUM 
(Optional) This value represents the current value of the future amount; the default is zero. 
future value: NUM 
(Optional) This represents the value after the last payment period, the default is zero. 
type: NUM 
(Optional) This value can be entered as a 0 or a 1, 0 meaning payments are due at the end of a payment period and 1 meaning payments are due at the beginning of a payment period. The default is zero. 
Result  A number value. 
Example
For example, if you have an annual rate of 7.5% over 3 years and you know that the future value is $4,023.1381682 then you can work out the monthly payment by using the following figures:
SET RateNUM TO 0.00625 //(0.075/12 to find the monthly rate)
SET TermNUM TO 36 //(amount of months in 3 years)
SET PresentValueNUM TO 0
SET FutureValueNUM TO 4023.1381682
SET TypeNUM TO 0
PAYMENT ( 0.0625, 36, 0, 4023.1381682, 0 )
This produces the result of the PAYMENT being approximately 99.99
See Also:
RATE
TERM
PRESENT VALUE
FUTURE VALUE