Excel has exactly the same function, and the parameters look like they are
in the same order (it's been a while since I used Lotus, so I can't
guarantee it). It's unclear what you mean by "current balance".
Excel's NPER uses the parameters:
=nper(rate,pmt,pv,fv,type)
So if you want to know how long it takes to pay off a loan, rate is your K8,
pmt is your J8 and pv is your O8. Excel expects your rate to be in percent,
so I'm not sure whether you need the '*0.01'. I also don't understand
the -ve signs in front of both J8 and O8. Normally it's one or the other.
Financial functions use the convention that a negative number is money out
of your pocket and positive numbers are money you receive. If you received a
loan of $O8, and are making monthly payments of $J8 at a rate of K8%, you
want:
=nper(k8/12,-j8,o8)
It's a bad idea to use the ABS function with financial functions because you
lose the direction (-ve or +ve of the cash flow). Also, you would never have
to use ABS with NPER, because how could the result be negative?
Finally, if you have any followon posts, keep them in the same thread, so
people know what you are referring to.
--
Regards,
Fred
Please reply to newsgroup, not e-mail
Rachel said:
=ABS(NPER(+K8*0.01/12,-(J8),,-O8))
This is the formula I gave in my last message. I realized more information might help.
The K8 cell is the interest rate, J8 is Payment amount and O8 is current
balance.
