In repayment of a loan today, Nicholas agreed to pay a financial institution $1,000 at the end of each month over a 3 year period. Assuming the interest rate on the loan is 8.5%, what is the loan amount if the first payment is made immediately?

Please tell me how to use a financial calculator to get the answer. What is the difference between C/Y and P/Y in financial calculator? I type my way to calculate below.

2nd BGN

2nd SET

2nd QUIT

2nd FV

2nd I/Y 1 2 ENTER

CE|C CE|C 8.5 I/Y

36 N

1000 +|- PMT

CPT PV

I got PV=31,902

While the correct answer is 31, 894.

Feel free to point out my mistakes. Thank you very much.