IPMT 
IPMT(rate, per, nper, pv [,fv] [,type]) 
Returns the interest paid for a given period in a series of equal cash flows at regular intervals. 
rate  The fixed interest rate per period. 
per  The period for which you want to find the interest. 
nper  The total number of payments. 
pv  The present value. 
fv  (Optional) The future value (or cash balance) after all the cash flows. 
type  (Optional) The number identifying when the payments are due: 0 = the end of the period (default) 1 = the start of the period 
REMARKS 
* The amount of principal paid back every period is NOT constant. * The amount repaid every period is constant. * The present value is the total amount that the payments are worth now. * A negative number represents any cash you pay out. * A positive number represents any cash you receive (start with or end with). * The "rate" and "nper" MUST be expressed in the same units of time: years, months or days. * The "per" must be in the range 1 to "nper". * If "fv" is left blank, then 0 is used. * If "type" is left blank, then 0 is used. * If "type" = 0, then payments are made in arrears. * If you make monthly payments on a fouryear loan at 12% annual interest, use 12%/12 for rate and 4*12 for "nper". * If you make annual payments on a four year loan at 12% annual interest, use 12% for "rate" and 4 for "nper". * This function is often used alongside the PV function to create an [amortisation table]. * In Excel 2010 the accuracy of this function was improved. * The equivalent VBA function is VBA.IPMT * For the Microsoft documentation refer to support.microsoft.com 

1  How much interest is paid back in the first month if I borrow £10,000 for 5 years at an annual interest rate of 10%. 2  How much interest is paid back in the second month if I borrow £10,000 for 5 years at an annual interest rate of 10%. 3  How much interest is paid back in the third month if I borrow £10,000 for 5 years at an annual interest rate of 10%. 4  How much interest is paid back in the first month if I borrow £50,000 for 15 years at an annual interest rate of 5%. 5  How much interest is paid back in the last month if I borrow £50,000 for 15 years at an annual interest rate of 5%. 6  What is the amount of interest that is paid back in the first month if I borrow £8,000 for 3 years at an annual interest rate of 10%. 
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