__See Also__ __Example__

**Description**

Returns the future value of an annuity based on periodic, constant payments and a constant interest rate.

**Syntax**

**FV(***rate***,** *nper***,** *pmt***,** *pv***,** *due***)**

**Remarks**

An annuity is a series of constant cash payments made over a period of time. An annuity can be a loan (such as a home mortgage) or an investment (such as a monthly savings plan).

The **FV** function uses the following numeric arguments:

**Argument Description**

*rate* Interest rate per period. For example, if you get a car loan at an annual percentage rate (APR) of 10 percent and make monthly payments, the rate per period is 0.1/12, or 0.0083.

*nper* Total number of payment periods in the annuity. For example, if you make monthly payments on a four-year car loan, your loan has a total of 4 * 12 (or 48) payment periods.

*pmt* Payment to be made each period. Payments usually contain principal and interest that doesn't change over the life of the annuity.

*pv* Present value (or lump sum) that a series of payments to be paid in the future is worth now. For example, when you borrow money to buy a car, the loan amount is the present value to the lender of the monthly car payments you will make.

*due* Number indicating when payments are due. Use 0 if payments are due at the end of the payment period, and use 1 if payments are due at the beginning of the period.

The arguments *rate* and *nper* must be calculated using payment periods expressed in the same units. For example, if *rate* is calculated using months, *nper* must also be calculated using months.

For all arguments, cash paid out (such as deposits to savings) is represented by negative numbers; cash received (such as dividend checks) is represented by positive numbers.

**Distribution Note** When you create and distribute applications that use any of the financial functions, you should install the file MSAFINX.DLL in the customer's Microsoft Windows \SYSTEM directory. The Visual Basic __Setup Kit__ provides tools to help you write setup programs that install your applications.