Ice is less dense than liquid water. Water is a member of a very exclusive group of substances that are less dense as a solid than as a liquid. It is very important that ice floats and has numerous biological impacts; namely, all life on earth.
The Excel IPMT function calculates the interest payment, during a specific period of a loan or investment that is paid in constant periodic payments, with a constant interest rate. The syntax of the function is:
pv...The present value, which is the original loan amount, or $100,000 in this example. That is, your formula would be: =PMT(0.005,60,100000). If you were to set up an amortization schedule in Excel, the first and last few periods of your loan would look like the figure shown here. Again, notice that the principal payment increases each period as the amount of the interest declines.