Name and explain the financial function which will be used to verify the total interest on a loan between any two periods.

The name of the function is CUMIPMT. This function returns the cumulative interest paid between two periods. It syntax is CUMPIMT (rate, nper, pv, start_period, end_period, type) Where Rate : is the interest rate Nper : is the total number of payment periods. Pv : is the present value. Start_Period –is the first period in the calculation. Payment periods are numbered beginning with 1. End_Period – is the last period in the calculation. Type – is the timing of the payment (which may be either $\displaystyle 0$ or $\displaystyle 1$) $\displaystyle 0$-means payment at the end of the period. $\displaystyle 1$-means payment at the beginning of the period.