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TERM3

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(TERM3(pmt,int,pv))

 

Returns the number of periods (the term) for the present value, pv, to reach 0 based on the payment, pmt, and the interest rate, int.

 

In the following example, TERM3 returns the number of payments from a $15,000 annuity if the annual interest rate is 12.5% compounded monthly and you would like to receive $300 every month. The value of vterm3 is 71.

 

SET VAR vterm3 = (TERM3(300,(.125/12),15000))