## Summary

The Excel NPER function is a financial function that returns the number of periods for loan or investment.

## Purpose

Get the number of periods for an investment

## Return value

The number of periods

## Syntax

=NPER (rate, pmt, pv, [fv], [type])

## Arguments

**rate**– The interest rate per period.**pmt**– The payment made each period.**pv**– The present value, or total value of all payments now.**fv**– [optional] The future value, or a cash balance you want after the last payment is made. Defaults to 0.**type**– [optional] When payments are due. 0 = end of period. 1 = beginning of period. Default is 0.

## Usage notes

You can use the NPER function to get the number of periods for an investment when payments and the interest rate are constant.

## Notes:

- PMT normally includes principal and interest but not taxes, reserve payments, or fees.
- Be sure you supply
**rate**consistent with periods. For example, if an annual interest rate is 12 percent, use 12%/12 for**rate**to get NPER to return periods in months.