Documentation/Calc Functions/CUMPRINC ADD
Calculates the cumulative redemption of a loan in a period.
CUMPRINC_ADD(Rate; NPer; PV; StartPeriod; EndPeriod; Type)
Rate is the interest rate for each period.
NPer is the total number of payment periods. The rate and NPER must refer to the same unit, and thus both be calculated annually or monthly.
PV is the current value.
StartPeriod is the first payment period for the calculation.
EndPeriod is the last payment period for the calculation.
Type is the maturity of a payment at the end of each period (Type = 0) or at the start of the period (Type = 1).
The following mortgage loan is taken out on a house:
Rate: 9.00 per cent per annum (9% / 12 = 0.0075), Duration: 30 years (payment periods = 30 * 12 = 360), NPV: 125000 currency units.
How much will you repay in the second year of the mortgage (thus from periods 13 to 24)?
=CUMPRINC_ADD(0.0075;360;125000;13;24;0) returns -934.1071
In the first month you will be repaying the following amount:
=CUMPRINC_ADD(0.0075;360;125000;1;1;0) returns -68.27827