# NPer Function

Returns a Double specifying the number of periods for an annuity based on periodic, fixed payments and a fixed interest rate.

## Syntax

**NPer( rate**,

**,**

*pmt***[,**

*pv***[,**

*fv***]]**

*type***)**The

**NPer**function has thesenamed arguments:

Part |
Description |
---|---|

rate |
Required. 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. |

pmt |
Required. Double specifying payment to be made each period. Payments usually contain principal and interest that doesn't change over the life of the annuity. |

pv |
Required. 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 will make. |

fv |
Optional. 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 education, then $50,000 is the future value. If omitted, 0 is assumed. |

type |
Optional. Variant specifying when payments are due. Use 0 if payments are due at the end of the payment period, or use 1 if payments are due at the beginning of the period. If omitted, 0 is assumed. |

## Remarks

An annuity is a series of fixed cash payments made over a period of time. An annuity can be a loan (such as a home mortgage) or an investment (such as a monthly savings plan). For all arguments, cash paid out (such as deposits to savings) is represented by negative numbers; cash received (such as dividend checks) is represented by positive numbers.

## 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."
```