NPER(rate,payment,amount<,type>)

`rate`Numeric. The interest rate per period.

`payment`Numeric. The payment per period.

`amount`Numeric. The amount of the loan.

`type`Optional. Numeric constant. Specifies whether payments are due at the beginning or end of the period. Use the default of 0 for payments that are due at the end of a period. Use 1 for payments that are due at the beginning of a period.

Numeric.

This function calculates the number of periods that are required to pay off a loan. For example, if you are paying $500 a month on a car loan, you can use this function to determine when the debt will be cleared.

**Comparing monthly payment times**

To calculate the number of periods that it takes to repay a $1,000 loan at 8 percent interest with payments of $50 at the end of each month:

`NPER(0.08/12, 50, 1000)`

The loan will be paid in 21.54 months.

To calculate the number of periods that it takes to repay a $1,000 loan at 8 percent interest with payments of $50 at the beginning of each month:

`NPER(0.08/12,
50, 1000, 1)`

The loan will be paid in 21.38 months.