PPMT(rate, per, nper, pv [,fv] [,type]) 
Returns the fixed payment made in each period of a series of equal cash flows at regular intervals. 
rate  The fixed interest rate per period. 
per  The period and must be in the range 1 to nper. 
nper  The total number of payments. 
pv  The present value. 
fv  (Optional) The future value (or cash balance) after all the payments. 
type  (Optional) The number indicating when the payments are due: 0 = the end of the period (default) 1 = the start of the period 
Remarks 
* 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 present value is the total amount that the payments are worth now. * 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 calculate the PPMT and IPMT for the same period you can add them together to get the total amount. * In Excel 2010 the accuracy of this function was improved. * The equivalent VBA function is PPMT * For the Microsoft documentation refer to support.microsoft.com 

1  How much principal is paid back in the first month of a 2 year £2,000 loan at 10% annual interest: 2  How much principal is paid back in the first year of a 2 year £2,000 loan at 10% annual interest: 3  How much principal is paid back in the first month if I take out a loan for £10,000 over 5 years with an annual interest rate of 10%. 
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