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Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate.

## Syntax

NPER(rate,pmt,pv,fv,type)

For a more complete description of the arguments in NPER and for more information about annuity functions, see PV.

Rate     is the interest rate per period.

Pmt     is the payment made each period; it cannot change over the life of the annuity. Typically, pmt contains principal and interest but no other fees or taxes.

Pv     is the present value, or the lump-sum amount that a series of future payments is worth right now.

Fv     is the future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (the future value of a loan, for example, is 0).

Type     is the number 0 or 1 and indicates when payments are due.

Set type to

If payments are due

0 or omitted

At the end of the period

1

At the beginning of the period

## Examples

Rate

Pmt

PV

FV

Type

Formula

Description (Result)

12%

-100

-1000

10000

1

=NPER([Rate]/12, [Pmt], [PV], [FV], 1)

Periods for the investment with the specified arguments (60)

12%

-100

-1000

10000

1

=NPER([Rate]/12, [Pmt], [PV], [FV])

Periods for the investment with the specified arguments, except payments are made at the beginning of the period (60)

12%

-100

-1000

10000

1

=NPER([Rate]/12, [Pmt], [PV])

Periods for the investment with the specified arguments, except with a future value of 0 (-9.578)

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