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
Hi - I’m Dave Bruns, and I run Exceljet with my wife, Lisa. Our goal is to help you work faster in Excel. We create short videos, and clear examples of formulas, functions, pivot tables, conditional formatting, and charts.
