NPer function
Summary
Returns the number of periods for an annuity, based on periodic, constant payments and a constant interest rate.
Syntax
NPer(rate, pmt, pv, [ fv, [ type ]])
The NPer function has these named arguments:
Part
Description
rateRequired. Double specifying interest rate per period. For example, if you get a car loan at an annual percentage rate (APR) of 10 percent and make monthly payments, the rate per period is 0.1/12, or 0.0083.
pmtRequired. Double specifying payment to be made each period. Payments usually contain principal and interest that doesn't change over the life of the annuity.
pvRequired. Double specifying present value, or value today, of a series of future payments or receipts. For example, when you borrow money to buy a car, the loan amount is the present value to the lender of the monthly car payments you'll make.
fvOptional. Variant specifying future value or cash balance you want after you've made the final payment. For example, the future value of a loan is $0 because that's its value after the final payment. However, if you want to save $50,000 over 18 years for your child's educa
Part
Description
rateRequired. Double specifying interest rate per period. For example, if you get a car loan at an annual percentage rate (APR) of 10 percent and make monthly payments, the rate per period is 0.1/12, or 0.0083.
pmtRequired. Double specifying payment to be made each period. Payments usually contain principal and interest that doesn't change over the life of the annuity.
pvRequired. Double specifying present value, or value today, of a series of future payments or receipts. For example, when you borrow money to buy a car, the loan amount is the present value to the lender of the monthly car payments you'll make.
fvOptional. Variant specifying future value or cash balance you want after you've made the final payment. For example, the future value of a loan is $0 because that's its value after the final payment. However, if you want to save $50,000 over 18 years for your child's educa
Example
Example
This example uses the NPer function to return the number of periods during which payments must be made to pay off a loan whose value is contained in PVal. Also provided are the interest percentage rate per period (APR / 12), the payment (Payment), the future value of the loan (FVal), and a number that indicates whether the payment is due at the beginning or end of the payment period (PayType).
Dim FVal, PVal, APR, Payment, PayType, TotPmts
Const ENDPERIOD = 0, BEGINPERIOD = 1 ' When payments are made.
FVal = 0 ' Usually 0 for a loan.
PVal = InputBox("How much do you want to borrow?")
APR = InputBox("What is the annual percentage rate of your loan?")
If APR > 1 Then APR = APR / 100 ' Ensure proper form.
Payment = InputBox("How much do you want to pay each month?")
PayType = MsgBox("Do you make payments at the end of month?", vbYesNo)
If PayType = vbNo Then PayType = BEGINPERIOD Else PayType = ENDPERIOD
TotPmts = NPer(APR / 12, -Payment, PVal, FVal, PayType)
If Int(TotPmts) <> TotPmts Then TotPmts = Int(TotPmts) + 1
MsgBox "It will take you " & TotPmts & " months to pay off your loan."
This example uses the NPer function to return the number of periods during which payments must be made to pay off a loan whose value is contained in PVal. Also provided are the interest percentage rate per period (APR / 12), the payment (Payment), the future value of the loan (FVal), and a number that indicates whether the payment is due at the beginning or end of the payment period (PayType).
Dim FVal, PVal, APR, Payment, PayType, TotPmts
Const ENDPERIOD = 0, BEGINPERIOD = 1 ' When payments are made.
FVal = 0 ' Usually 0 for a loan.
PVal = InputBox("How much do you want to borrow?")
APR = InputBox("What is the annual percentage rate of your loan?")
If APR > 1 Then APR = APR / 100 ' Ensure proper form.
Payment = InputBox("How much do you want to pay each month?")
PayType = MsgBox("Do you make payments at the end of month?", vbYesNo)
If PayType = vbNo Then PayType = BEGINPERIOD Else PayType = ENDPERIOD
TotPmts = NPer(APR / 12, -Payment, PVal, FVal, PayType)
If Int(TotPmts) <> TotPmts Then TotPmts = Int(TotPmts) + 1
MsgBox "It will take you " & TotPmts & " months to pay off your loan."