Syntax |
NPer(Rate,Pmt,Pv,Fv,Due) |
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Description |
Returns the number of periods for an annuity based on periodic fixed payments and a constant rate of interest. |
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Comments |
An annuity is a series of fixed payments paid to or received from an investment over a period of time. Examples of annuities are mortgages, retirement plans, monthly savings plans, and term loans. The NPer function requires the following parameters: |
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Parameter |
Description |
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Rate |
Double representing the interest rate per period. If the periods are monthly, be sure to normalize annual rates by dividing them by 12. |
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Pmt |
Double representing the amount of each payment or income. Income is represented by positive values, whereas payments are represented by negative values. |
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Pv |
Double representing the present value of your annuity. In the case of a loan, the present value would be the amount of the loan, and the future value (see below) would be zero. |
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Fv |
Double representing the future value of your annuity. In the case of a loan, the future value would be zero, and the present value would be the amount of the loan. |
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Due |
Integer indicating when payments are due for each payment period. A 0 specifies payment at the end of each period, whereas a 1 indicates payment at the start of each period. |
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Positive numbers represent cash received, whereas negative numbers represent cash paid out. |
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Example |
This example calculates the number of $100.00 monthly payments necessary to accumulate $10,000.00 at an annual rate of 10%. Payments are made at the beginning of the month. Sub Main() |
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See Also |
IPmt (function); Pmt (function); PPmt (function); Rate (function). |
N |