This function returns the future value of an investment based on periodic, constant payments and a simple annual interest.
FV(rate, nper, pmt [ ,pv [ , type ] ])
Return data type: numeric. The result has a default number format of money. .
|rate||The interest rate per period.|
|nper||The total number of payment periods in an annuity.|
|The payment made each period. It cannot change over the life of the annuity. A payment is stated as a negative number, for example, -20.|
|The present value, or lump-sum amount, that a series of future payments is worth right now. If pv is omitted, it is assumed to be 0 (zero).|
|Should be 0 if payments are due at the end of the period and 1 if payments are due at the beginning of the period. If type is omitted, it is assumed to be 0.|
You are paying a new household appliance by 36 monthly installments of $20. The interest rate is 6% per annum. The bill comes at the end of every month. What is the total invested, when the last bill has been paid?