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NPER

Syntax:

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

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

Arguments:

Name

Type

Description

rate

number

The interest rate per period.

pmt

number

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

number

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

fv

number

The future value, or a cash balance to be attained after the last payment is made. If fv is omitted, it is assumed to be 0 (i.e., the future value of a loan, for example, is 0).

type

number

The timing of the payment, truncated to integer, as follows:

Value

Timing

0

Payment at the end of the period

1

Payment at the beginning of the period

 

 

Return Type and Value: number – The number of periods for an investment based on periodic, constant payments and a constant interest rate.

However, if type is any number other than 0 or 1, #NUM! is returned.

[Example:

NPER(0.12/12,-100,-1000,10000,1) results in 59.67
NPER(0.12/12,-100,-1000) results in -9.58

end example]