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    works. If you set the type-of-annuity switch to 1, Excel assumes payments occur at the beginning of the period, fol
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    If you have Microsoft Excel running on your computer at home or work, you can use Excel’s NPER function to calculate how quickly you can pay off a loan such as a mortgage.

    The NPER function calculates the term, or number of regular payments, on a loan given its interest rate, the payments, present loan balance, balloon payment (if any), and, optionally, the type-of-annuity switch.

    The type-of-annuity switch is a little complicated, but here's how it works. If you set the type-of-annuity switch to 1, Excel assumes payments occur at the beginning of the period, foll

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    how quickly you can pay off a loan such as a mortgage.

    The NPER function calculates the term, or number of regular payments, on a loan given its interest rate, the payments, present loan balance, balloon payment (if any), and, optionally, the type-of-annuity switch.

    The type-of-annuity switch is a little complicated, but here's how it works. If you set the type-of-annuity switch to 1, Excel assumes payments occur at the beginning of the period, fol

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    gular payments, on a loan given its interest rate, the payments, present loan balance, balloon payment (if any), and, optionally, the type-of-annuity switch.

    The type-of-annuity switch is a little complicated, but here's how it works. If you set the type-of-annuity switch to 1, Excel assumes payments occur at the beginning of the period, fol

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    optionally, the type-of-annuity switch.

    The type-of-annuity switch is a little complicated, but here's how it works. If you set the type-of-annuity switch to 1, Excel assumes payments occur at the beginning of the period, fol

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    works. If you set the type-of-annuity switch to 1, Excel assumes payments occur at the beginning of the period, following the annuity due convention. If you set the annuity switch to 0 or you omit the argument, Excel assumes payments occur at the end of the period following the ordinary annuity convention.

    But let me show you how the function works in theory and in practice. All of this will become quite clear, I'm sure.

    The function uses the following syntax:

    =NPER(rate,pmt,pv,fv,type)

    For example, to calculate the number of $1,000 monthly payments r

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