# Excel NPER Function

## 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.