@TERM

@TERM(payments;interest;future-value) calculates the number of periods required for a series of equal payments to accumulate a future-value at a periodic interest rate.



Arguments

payments is the value of the equal investments. payments can be any value except 0.

interest is the periodic interest rate. interest can be any value greater than -1.

future-value is the amount you want to accumulate. future-value can be any value.



Notes

You can calculate the term necessary to pay back a loan by using @TERM with a negative future-value; you can then convert the negative value result to a positive or absolute value. For example, you want to know how long it will take to pay back a $10,000 loan at 10% yearly interest, making payments of $1,174 per year.

@TERM(1174.6;0.1;-10000) calculates 20 years to pay back the loan.



Examples

You deposit $2,000 at the end of each year into a savings account. Your account earns 7.5% a year, compounded annually. You want to determine how long it will take to accumulate $100,000:

@TERM(2000;0.075;100000) = 21.5 years



See also
More power with @functions
@functions A-Z