Formulas and Functions

Function Description
“ISPMT” (page 126) The ISPMT function returns the interest portion
of a specied loan or annuity payment based
on xed, periodic payments and a xed interest
rate. This function is provided for compatibility
with tables imported from other spreadsheet
applications.
“MIRR” (page 12 8 ) The MIRR function returns the modied internal
rate of return for an investment that is based on
a series of potentially irregular cash ows that
occur at regular time intervals. The rate earned on
positive cash ows and the rate paid to nance
negative cash ows can dier.
“NOMINAL” (page 129) The NOMINAL function returns the nominal
annual interest rate from the eective
annual interest rate based on the number of
compounding periods per year.
“NPER” (page 13 0 ) The NPER function returns the number of
payment periods for a loan or annuity based on a
series of regular periodic cash ows (payments of
a constant amount and all cash ows at constant
intervals) and a xed interest rate.
“NPV” (page 132 ) The NPV function returns the net present value
of an investment based on a series of potentially
irregular cash ows that occur at regular time
intervals.
“PMT” (page 134) The PMT function returns the xed periodic
payment for a loan or annuity based on a series
of regular periodic cash ows (payments of a
constant amount and all cash ows at constant
intervals) and a xed interest rate.
“PPMT” (page 13 5 ) The PPMT function returns the principal portion
of a specied loan or annuity payment based on
xed periodic payments and a xed interest rate.
“PRICE” (page 137 ) The PRICE function returns the price of a
security that pays periodic interest per $100 of
redemption (par) value.
“PRICEDISC” (page 13 8 ) The PRICEDISC function returns the price of a
security that is sold at a discount to redemption
value and does not pay interest per $100 of
redemption (par) value.
“PRICEMAT” (page 140) The PRICEMAT function returns the price of a
security that pays interest only at maturity per
$100 of redemption (par) value.
98 Chapter 6 Financial Functions