NPER function

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 equal to

If payments are due

0 or omitted

At the end of the period

1

At the beginning of the period


Example

The example may be easier to understand if you copy it to a blank worksheet.

How to copy an example

  1. Create a blank workbook or worksheet.

  2. Select the example in the Help topic.

    Note   Do not select the row or column headers.

    Selecting an example from Help

    Selecting an example from Help

  3. Press CTRL+C.

  4. In the worksheet, select cell A1, and press CTRL+V.

  5. To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.

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A

B

Data

Description

12%

Annual interest rate

-100

Payment made each period

-1000

Present value

10000

Future value

1

Payment is due at the beginning of the period (see above)

Formula

Description (Result)

=NPER(A2/12, A3, A4, A5, 1)

Periods for the investment with the above terms (60)

=NPER(A2/12, A3, A4, A5)

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

=NPER(A2/12, A3, A4)

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

Applies To: Excel 2007



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