To get the rate (which is the period rate) we use the annual rate / periods, or C6/C8. To get the number of periods (nper) we use term * periods, or C7 * C8. There is no periodic payment, so we use zero. By convention, the present value (pv) is input as a negative value, since the $1000 “leaves your wallet” and goes to the bank during the term. The solution goes like this this:

### Dave Bruns

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