Google Sheets | NPER | Function | No. of Months | To Make Specific Money | Spreadsheet | Tutorial

The Google Sheets NPER function returns the number of months required to reach a financial goal. NPER can also be used to calculate the number of months needed to repay a loan. Consider the first scenario. Say you want to find out how many months it would take to reach the target of Rs. 10,000, if you make a monthly investment of Rs. 500 every month, and if the rate of interest is 3% per year.
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How to Use QUERY in Google Sheets?
QUERY helps, among others, to extract specific or all data from a range:
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How to Use QUERY with WHERE clause and MATCHES operator in Google Sheets?
MATCHES operator assists to conduct an exact or a wildcard search:
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How to Use QUERY with WHERE clause and starts with or ends with operators in Google Sheets?
Use where clause and starts with, ends with or both the operators to get data based on one or more conditions:
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How to Use QUERY with WHERE clause in Google Sheets?
To conditionally extract data, use the QUERY function with its WHERE CLAUSE:
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XLOOKUP can return a single row or column with the search key:
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How to Use VLOOKUP in Google Sheets?
Use VLOOKUP to get a single value:
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How to Use IF in Google Sheets?
Use IF to compare one value with another:
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Use IF with AND to Use Multiple Logical Expressions in IF:
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Create a pivot table for calculation and in-depth data analysis:
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Which one to Use? A Pivot Table, or COUNTBLANK Function, to Count Blank Cells in Google Sheets:
Gives steps to use a pivot table or COUNTBLANK to count blank cells:
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Syntax of the NPER function formula:
=NPER(rate, payment_amount, present_value, [future_value], [end_or_beginning])
rate is the annual interest rate.
payment_amount is the constant periodic amount.
present_value is the initial deposit.
future_value is optional, and is the expected amount from your investments.
end_or_beginning has a value of 0, if payment is made at the end of each period. Or, has a value of 1, if payment is made at the beginning of each period.
Example of the NPER function formula:
Assume that you wish to make Rs. 10000 with an initial deposit of Rs. 3000 and additional investments of Rs. 500 every month. Assume the rate of interest to be 3% per year. How many months you will have to invest Rs. 500 to reach your financial goal?
Use the above values in the NPER function formula:
=NPER(3%/12,-500,-3000,10000)
=14
You will need 14 months to make Rs. 10000
Key Points
1. The answer has been rounded up to the nearest integer.
2. Divide the annual interest rate by 12 to get the monthly interest rate.
3. Monthly investment amount and initial deposit amount has to be entered as negative values, because they are cash outflows.
Review this video tutorial, which gives the steps to use the NPER function, to calculate the number of months required to make a specific amount of money, with examples.