# ISPMT Function

The ISPMT function is one of the financial functions. It is used to calculate the interest payment for a specified period of an investment based on a constant payment schedule.

The ISPMT function syntax is:

ISPMT(rate, per, nper, pv)

where

rate is the interest rate for the investment.

per is the period you want to find the interest payment for. The value must be from 1 to nper.

nper is a number of payments.

pv is a present value of the payments.

Note: cash paid out (such as deposits to savings) is represented by negative numbers; cash received (such as dividend checks) is represented by positive numbers. Units for rate and nper must be consistent: use N%/12 for rate and N*12 for nper in case of monthly payments, N%/4 for rate and N*4 for nper in case of quarterly payments, N% for rate and N for nper in case of annual payments.

The numeric values can be entered manually or included into the cell you make reference to.

To apply the ISPMT function,

1. select the cell where you wish to display the result,
2. click the Insert Function icon situated at the top toolbar,
   or right-click within a selected cell and select the Insert Function option from the menu,
   or click the icon situated at the formula bar,
3. select the Financial function group from the list,
4. click the ISPMT function,
5. enter the required arguments separating them by commas,
6. press the Enter button.

The result will be displayed in the selected cell.