This article describes the formula syntax and usage of the NPER function (function: A prewritten formula that takes a value or values, performs an operation, and returns a value or values. Use functions to simplify and shorten formulas on a worksheet, especially those that perform lengthy or complex calculations.) in Microsoft Excel.
Description
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.
The NPER function syntax has the following arguments (argument: A value that provides information to an action, an event, a method, a property, a function, or a procedure.):
 Rate Required. The interest rate per period.
 Pmt Required. 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 Required. The present value, or the lumpsum 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 (the future value of a loan, for example, is 0).
 Type Optional. 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 do I copy an example?
 Select the example in this article. If you are copying the example in Excel Online, copy and paste one cell at a time.
Important: Do not select the row or column headers.
Selecting an example from Help
 Press CTRL+C.
 Create a blank workbook or worksheet.
 In the worksheet, select cell A1, and press CTRL+V. If you are working in Excel Online, repeat copying and pasting for each cell in the example.
Important: For the example to work properly, you must paste it into cell A1 of the worksheet.
 To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.
After you copy the example to a blank worksheet, you can adapt it to suit your needs.

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 (59.67387) 
=NPER(A2/12, A3, A4, A5) 
Periods for the investment with the above terms, except payments are made at the beginning of the period (60.08212) 
=NPER(A2/12, A3, A4) 
Periods for the investment with the above terms, except with a future value of 0 (9.57859) 
