Related Functions:

The 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])

#### Arguments

Argument | Description | ||||||||
---|---|---|---|---|---|---|---|---|---|

rate | The interest rate per period | ||||||||

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

[fv] | Optional. 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, i.e. the future value of a loan is 0 | ||||||||

[type] | Optional. Defines whether the payment is made at the start or the end of the period. The [type] argument can have the value 0 or 1, meaning:
If omitted, the [type] argument takes on the default value of 0, denoting payments made at the end of the period. |

#### Examples

A | B | C | D | |
---|---|---|---|---|

1 | Data | Description | ||

2 | 12% | Annual interest rate | ||

3 | -$150 | Payment made each period | ||

4 | $10,000 | Present value | ||

5 | $1,000 | Future value | ||

6 | ||||

7 | Formula | Result | Notes | |

8 | =NPER(A2/12,A3,A4,A5,0) | 116.8957 | Periods for the investment with the above terms | |

9 | =NPER(A2/12,A3,A4,A5,1) | 114.8628 | Periods for the investment with the above terms, except payments are made at the beginning of the period | |

10 | =NPER(A2/12,A3,A4) | 110.4096 | Periods for the investment with the above terms, except with a future value of 0 |

Note: In the example, the annual interest rate of 12% had to be converted into a monthly rate (=12%/12)

Cash Flow Convention: In line with general cash flow conventions, outgoing payments are represented by negative numbers and incoming payments are represented by positive numbers.

#### Common Function Error(s)

Problem | What went wrong |
---|---|

#VALUE! | Occurs if any of the supplied arguments are not recognized as numeric values |

#NUM! | Occurs if the specified [fv] will never be met for the rate and pmt. You may need to increase the payment amount or reduce the interest rate to get a valid result |

Returns a negative result when a positive one is expected | Usually occurs when the pv and the specified pmt both have the same arithmetic sign. If a loan is being paid off, pv should be positive and the pmt should be negative, or vice versa |