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**PREPMT**(//presentvalue,periods,rate,futurevalue//)

| **PREPMT** | Computes the payment required to reach a targeted future value. |
| //presentvalue// | A numeric constant or variable containing the amount of the present value of the investment. |
| //periods// | A numeric constant or variable containing the number of periods in which a payment is made. |
| //Rate// | A numeric constant or variable containing the //periodic //rate of return. |
| //futurevalue// | A numeric constant or variable containing the amount of the desired or targeted future value of the investment. |

**PREPMT **determines the payment required to reach a desired amount (//futurevalue//) based upon a starting amount (//presentvalue//), a total number of periods (//periods//), and a periodic interest rate (//rate//). If payments occur at the end of each period then use the PMT function, which calculates interest accordingly.

Periodic rate may be calculated as follows:

PeriodicRate = AnnualInterestRate / (PeriodsPerYear * 100)

{{note.jpg|NOTE.jpg}}

If the present value is less than the future value (annuities), payments are positive, and conversely, if the present value is greater than the future value (loans), payments are negative.

**Return Data Type:**     DECIMAL

**Internal Formulas:**

{{prepmt.jpg|PREPMT.jpg}}

where frac(periods) is the fractional portion of the //periods //parameter and

where int(periods) is the integer portion of the //periods //parameter.

**Example:**

**  PeriodicRate = AnnualRate / (PeriodsPerYear * 100)**

**  IF TimeOfPayment = 'Beginning of Periods'**

**   Payment = PREPMT(PresentValue,TotalPeriods,PeriodicRate,FutureValue)**

**  ELSE**

**   Payment = PMT(PresentValue,TotalPeriods,PeriodicRate,FutureValue)**

**  END**