This function returns the number of periods for an investment based on a present value, future value, periodic payments, and a specified interest rate.

Syntax

NPER(rate,paymt,pval,fval,type)

Arguments

This function has these arguments:

Argument	Description
rate	Interest rate expressed as percentage (per period)
paymt	Payment made each period; cannot change over life of the annuity
pval	Present value
fval	[Optional] Future value; if omitted, the calculation uses zero (0)
type	[Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0)

For the arguments, money paid out (such as deposits in an investment) is represented by negative numbers; money you receive (such as dividend checks) is represented by positive numbers.

Remarks

Be sure to express the interest rate as per period. For example, if you make monthly payments on a loan at 8 percent interest, use 0.08/12 for the rate argument.

See the PV function for the equations for calculating financial values.

Data Types

Accepts numeric data for all arguments. Returns numeric data.

Examples

NPER(A1/12,50,1000,0,1)

NPER(R1C1/12,50,1000,0,1)

NPER(0.005,-790,90000,0,1) gives the result 167.7227522114

Version Available

This function is available in product version 1.0 or later.

See Also

FV | PMT | PV | Financial Functions