where pv (G4), rate (G5), and term (G6) are named ranges.

Present value (pv) is the named range G4 Rate is provided as as annual rate/periods, or rate/C5 Number of periods (nper) is given as periods * term, or C5*term There is no periodic payment, so we use zero (0)

By convention, the present value (pv) is input as a negative value, since the $1000 “leaves your wallet” and goes to the bank during the term. The named ranges automatically behave like absolute references, so there is no need to use dollar signs ($).

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.