Calculating Loan Payoff?

[Cloy]

X-No-Archive: Yes
I'm trying to calculate the payoff date for a loan. I'm using the NPER
function, but the result is puzzling.

For a $5,000 loan at 7% interest and a $250/month payment, I'm putting
in the following:

=NPER(0.07,250,5000,0)

.... the result is -12.93949491

How do I fix this?

TIA! -C

 

[Niek Otten]

=NPER(0.07/12,-250,5000)

Gives you 21.32813 months
Always make sure that the rate corresponds to the payment frequency and that the sign of the loan and of the payments differ

--
Kind regards,

Niek Otten
Microsoft MVP - Excel

| X-No-Archive: Yes
| I'm trying to calculate the payoff date for a loan. I'm using the NPER
| function, but the result is puzzling.
|
| For a $5,000 loan at 7% interest and a $250/month payment, I'm putting
| in the following:
|
| =NPER(0.07,250,5000,0)
|
| ... the result is -12.93949491
|
| How do I fix this?
|
| TIA! -C
|