TERM(P, R, FV)

 

Description

This function returns the number of payment periods for an investment given periodic payment P, interest rate R, and future value FV.  The function is given by:

 

 

Parameters

 

P

Amount of periodic payments.

 

R

Interest rate.

 

V

Future value of the investment.

 

Examples

 

TERM(1050, 0.105, 300000) = 34.39

 

TERM(R13, 11%, S19) = 16.48

Where R13 = 360, S19 = 15000.

 

TERM(100, 0.095, -1) = error

"P" and "FV" must have the same sign.