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If you have Microsoft Excel operating on your personal computer at house or perform, you can use Excels NPER function to calculate how rapidly you can spend off a loan such as a mortgage. The NPER function calculates the phrase, or quantity of typical payments, on a loan provided its interest rate, payment amount, present loan balance, balloon payment (if any), and, optionally, the variety-of-annuity switch. The kind-of-annuity switch is a tiny complicated, but here's how it functions. If you set the kind-of-annuity switch to 1, Excel assumes payments occur at the starting of the period, following the annuity due convention. Learn more on this related web resource - Navigate to this website:  [http://www.resource4retirement.com/pensionannuities pension annuities] . Visit  [http://www.resource4retirement.com/indexedannuities resource 4 retirement]  to compare the inner workings of this thing. If you set the annuity switch to or you omit the argument, Excel assumes payments happen at the end of the period following the ordinary annuity convention. But let me show you how the function functions in theory and in practice.  [http://www.prweb.com/releases/2013/2/prweb10403581.htm Life Insurance Annuities]  contains additional info about when to recognize this enterprise. All of this will grow to be very clear, I am certain. The function utilizes the following syntax: =NPER(rate,pmt,pv,fv,kind) For example, to calculate the quantity of $1,000 month-to-month payments required to spend off a 9% mortgage that nonetheless has a $one hundred,000 mortgage balance, you enter the following formula into an Excel worksheet cell: =NPER(.09/12,-1000,100000,,) The function returns the value 185.53, representing roughly 185 payments and then an additional roughly half payment. Identify supplementary info on our related website - Hit this web site:  [http://www.resource4retirement.com/deferredannuities www.resource4retirement.com/deferredannuities] . Notice that to convert the 9% annual interest to a period interest, the formula divides the annual interest rate by 12. Discover, too, that the payment quantity, as a money outflow, shows as a unfavorable value while the loan balance, as an implicit money inflow, shows as a positive value. One final note: The NPER function hardly ever returns an integer, or whole-quantity outcome. As in the preceding example, it typically returns a fractional value, indicating that immediately after the last normal payment, an additional fractional payment will also need to be created.