The NPer function returns the number of periods for a loan or investment based on known amount, interest rate, and periodic payment amount.
NPer is part of the set of financial functions that Sigma supports.
NPER(rate, pmt, pv, [fv], [type])
The NPer function has the following arguments:
- The interest rate per period.
- The payment for each period.
- The present value, or total value of all payments made as of the current date.
- The future value, or a cash balance after the last payment.
- Defaults to 0.
- Due date of the payment.
- End of the period
- Beginning of the period
- Default is 0.
NPer(0.07/12, 1000, 100000)
The number of months it takes to pay off a loan of $100,000 if the interest rate is 7% and the regular payments are $1,000 each month is 79, or 6 years and 7 months.
NPer(0.07/4, 3000, 100000)
The number of quarters it takes to pay off a loan of $100,000 if the interest rate is 7% and the regular payments are $3,000 each quarter is 26.49, or about 6 years and 7.5 months.