Repayment of a loan requires the periodic payment of interest and principal. You are interested in the amount of principal you pay in the 60th period of a loan. We can use the PPMT(rate, per, nper, pv, [fv], [type]) function for this purpose. Assume the following parameters for the loan and PPMT function:
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
---|---|---|---|---|---|---|
29 | 30 | 1 | 2 | 3 | 4 | 5 |
6 | 7 | 8 | 9 | 10 | 11 | 12 |
13 | 14 | 15 | 16 | 17 | 18 | 19 |
20 | 21 | 22 | 23 | 24 | 25 | 26 |
27 | 28 | 29 | 30 | 31 | 1 | 2 |