Calculate the payment amount for the loan in cell C15. Reference the
cells containing the appropriate loan information as the arguments
for the function you use. Cells C20-C67 in the "Payment" column are
populated with the payment amount from cell C15. - ANSWER--
=PMT(C13/12,C12,C11)
Calculate, in cell D20, the interest amount for period 1 by multiplying
the balance in period 0 (cell F19) by the loan interest rate (cell C13)
divided by 12. Dividing the interest rate by 12 results in the monthly
interest rate. This formula is reusable. The interest for a given period
is always the monthly interest rate times the balance from the
previous period.
f - ANSWER--=F19*C$13/12
Copy the Interest amount calcualtion down to complete the "interest"
column of the amortization table. - ANSWER--Paste down column .
Calculate, in cell E20, the principal amount for period 1. The principal
amount is the difference between the payment amount (cell C20) and
the interest amount (cell D20) for period 1. Construct your formula in
such a way that it can be reused to complete the "principal" column
of the amortization table. - ANSWER--=C20-D20
Copy the principal amount calculation down to complete the
"principal" column of the amortization table. - ANSWER--Copy and
paste down.
Calculate, in cell F20, the balance for period 1. The balance is the
difference between the balance for period 0 (cell F19) and the
principal amount for period 1 (cell E20). This formula is reusable. The
balance is always calculated as the difference between the balance
from the previous period and the principal amount for the current
period. - ANSWER--=F19-E20
Copy the balance amount calculation down to complete the balance
column of the amortization table. - ANSWER--Copy and paste down.
Calculate, in cell G12, the total amount paid by multiplying the
payment amount (cell C15) by the term of the loan (cell C12). -
ANSWER--=C15*C12
Calculate the total interest paid in cell G13. The total interest paid is
the sum of all interest paid in the "Interest" column of the
amortization table. - ANSWER--=SUM(D20:D67)
Check to see if the total interest calculation in the amortization table
is correct. The total interest paid is also equal to the difference
between the total amount paid over the course of the loan and the
original loan amount. Insert a formula into cell G14 to calculate the
difference between the total amount paid and the original loan
amount. Notice the negative sign associated with the original loan
amount. This value should equal the total interest calculated using the
amortization table. - ANSWER--=G12+C11
Assume you have made the first 36 payments on your loan. You want
to trade the car in for a new car. You believe that you can sell your car
for $4000. Will this cover the balance remaining on the car in period
36? Answer either "Yes" or "No" in cell G15 from the drop-down
menu. - ANSWER--No
Use the HLOOKUP function to complete the "Hourly Wage" column of
table 1. Use the "Employee" column of table 1 as the lookup_value
and the "Employee Wage Information" above table 1 as your
reference table. - ANSWER--=HLOOKUP(D16, E$11:H$12, 2,False)
Use the AND function to complete the "Time Bonus?" column of table
1. An employee earns a time bonus if the project's "Hours Worked"
are fewer than the "Estimated Hours" and if the work "Quality" is
greater than 1. - ANSWER--=AND(E16<C16,H16>1)
Use the OR function to complete the "Outcome Bonus?" column of
table 1. An employee earns an outcome bonus if the difficulty of a job
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