GetPayment(decimal, int, decimal) : decimal

Returns the payment amount for an annuity based on periodic, fixed payments and a fixed interest rate.

Parameters:

• rate - the interest rate per period. For example, if the rate is an annual percentage rate (APR) of 10 percent and the customer makes monthly payments, the rate per period is 0.1/12, or 0.0083.
• numberOfPaymentPeriods - the total number of payment periods in the annuity. For example, if you make monthly payments on a four-year car loan, your loan has a total of 4 12 (or 48) payment periods.
• presentValue - the present value (or lump sum) that a series of payments to be paid in the future is worth now. For example, when a customer finances a car, the loan amount is the present value to the lender of the car payments the customer will make.

Exceptions:

• ArgumentOutOfRangeException - When the rate is less than 0. Message: The argument cannot be less than 0. Parameter name: "rate".
• ArgumentOutOfRangeException - When the rate is greater than 1. Message: The argument cannot be greater than 1. Parameter name: "rate".
• ArgumentOutOfRangeException - When the number of payments is less than or equal to zero. Message: The argument cannot be less than or equal to 0. Parameter name: "numberOfPaymentPeriods".
• ArgumentOutOfRangeException - When the present value is less than or equal to zero. Message: The argument cannot be less than or equal to 0. Parameter name: "presentValue".

The following is the code for calculating the payment:

CODE to CALCULATE the Payment:

decimal futureValue = 0; decimal type = 0; decimal payment = 0;

if (rate == 0) payment = presentValue / numberOfPaymentPeriods;

else payment = rate * (futureValue + presentValue * (decimal)Math.Pow((double)(1 + rate), (double)numberOfPaymentPeriods)) / (((decimal)Math.Pow((double)(1 + rate), (double)numberOfPaymentPeriods) - 1) * (1 + rate * type));

return Math.Round(payment, 2);

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