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 lumpsum 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
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Selecting an example from Help
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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) 
