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) |