```        []
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# NPER

This function returns the number of periods for an investment based on a present value, future value, periodic payments, and a specified interest rate.

## Syntax

`NPER(rate, paymt, pval, fval, type)`

## Arguments

This function has these arguments:

Argument

Description

rate

Interest rate expressed as percentage (per period)

paymt

Payment made each period; cannot change over life of the annuity

pval

Present value

fval

[Optional] Future value; if omitted, the calculation uses zero (0)

type

[Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0)

For the arguments, money paid out (such as deposits in an investment) is represented by negative numbers; money you receive (such as dividend checks) is represented by positive numbers.

## Remarks

Be sure to express the interest rate as per period. For example, if you make monthly payments on a loan at 8 percent interest, use 0.08/12 for the rate argument.

See the PV function for the equations for calculating financial values.

## Data Types

Accepts numeric data for all arguments. Returns numeric data.

## Examples

`NPER(A1/12,50,1000,0,1)`

`NPER(R1C1/12,50,1000,0,1)`

`NPER(0.005,-790,90000,0,1)` gives the result 167.7227522114