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Syntax
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NPer
(Rate,Pmt,Pv,Fv,Due)
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Description
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Returns the number of periods for an annuity based on periodic fixed payments and a constant rate of interest.
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Comments
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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
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Description
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Rate
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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
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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
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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
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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
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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
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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()
ag# = NPer((.10/12),100,0,10000,1)
MsgBox "The number of monthly periods is: " & Format(ag#,"Standard")
End Sub
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See Also
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IPmt (function); Pmt (function); PPmt (function); Rate (function).
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