None of the financial function have specified periods: you can use days,
months, quarters, years. But the results have to be interpreted. IF you have
a series of monthly payments, then IRR returns a monthly rate. Generally one
converts that by multiplying by 12 to get the nominal yearly rate. But you
might consult a finance book to learn about 'nominal' vs 'effective' rates
best wishes.

--
Bernard V Liengme
www.stfx.ca/people/bliengme
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"Jon" wrote in message
...
The IRR formula is set up for annual payments. How can it be changed to
account for monthly payments? I know the NPV formula will work if you
divide
the discount rate bay 12 for monthly payments. Do I multiply the solution
by
12? I tried this and the result did not look correct. I do not want to
use
the XIRR formula for this because it will be a template.

Thank you