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osborne_e06ch11_grader_h1_loans.xlsx

yo16xlch11graderps1hw___loan_analysis_14_instructions.docx

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Loan Option 1
Loan Amount
Monthly Payment
Annual Rate (APR)
Total Payments (NPER)
Total Interest
Total Cost of Loan
Loan Option 2
Loan Amount
Monthly Payment
Annual Rate (APR)
$30,000
$460
Total Payments (NPER)
Total Interest
Total Cost of Loan
84
Amortization Schedule
Period
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Beginning Balance
20171109180437osborne_e06ch11_grader_h1_loans.xlsx
Principal Payment
Interest Payment
Loan Option 2
$30,000
8.00%
60
Loan Option 3
$30,000
Loan Amount
Quarterly Payment $1,588.38
8.05%
Annual Rate (APR)
Total Payments
(NPER)
Total Interest
Total Cost of Loan
Ending Balance
20171109180437osborne_e06ch11_grader_h1_loans.xlsx
Create Date By Whom
mm/dd/yyyy Firstname Lastname
Mod. Date
By Whom
Description
Create Date
Creator
Sheet Name
Mod. Description
Workbook Name
e06ch11Loans.xlsx
Last Version Backup Name
Purpose
Office 2016 – myitlab:grader – Instructions
Excel Project
YO16_XL_CH11_GRADER_PS1_HW – Loan Analysis 1.4
Project Description:
Janette Franklin, owner of Frank Solutions, LLC, is considering borrowing $30,000 to finance the renovation of
her office building. She has been given three different loan options with various terms and interest rates. She
knows that she can only afford to make payments of $530.00 a month and needs your help to determine which
loan option is best.
Instructions:
For the purpose of grading the project you are required to perform the following tasks:
Step
Points
Possible
Instructions
1
Start Excel. Open the file named e06ch11_grader_h1_Loans.xlsx. Save the file with the name
e06ch11_grader_h1_Loans_LastFirst, replacing LastFirst with your name.
0.000
2
On the LoanAnalysis worksheet in cell C4, calculate the annual percentage rate for Loan
Option 1. Format the cell as Percentage with 2 decimal places.
10.000
3
In cell C6, calculate the total cumulative interest that would be paid throughout the life of the
loan if payments were made at the end of the periods. Reference cell C5 for the end_period
argument. Be sure that the result of the function is positive, and then format the cell as
Currency.
10.000
4
In cell C7, calculate the total cost of the loan by adding the loan amount in cell C2 to the
cumulative interest amount in cell C6.
4.000
5
In cell F3, calculate the end of the period monthly payment for Loan Option 2. Be sure the
result of the function is positive, and then format the cell as Currency.
10.000
6
In cell F6, calculate the total cumulative interest that would be paid throughout the life of the
loan if payments were made at the end of the periods. Reference cell F5 for the end_period
argument. Be sure that the result of the function is positive, and then format the cell as
Currency.
10.000
7
In cell F7, calculate the total cost of the loan by adding the loan amount in cell F2 to the
cumulative interest amount in cell F6.
4.000
8
In cell I5, calculate the total number of quarterly payments required to pay off Loan Option 3
if payments are made at the end of the period. Format the cell as Number with 0 decimal
places.
10.000
9
In cell I6, calculate the total cumulative interest that would be paid throughout the life of the
loan if payments were made at the end of the periods. Reference cell I5 for the end_period
argument. Be sure that the result of the function is positive, and then format the cell as
Currency.
10.000
In cell I7, calculate the total cost of the loan by adding the loan amount in cell I2 to the
cumulative interest amount in cell I6.
4.000
10
Updated: 10/05/2017
1
Current_Instruction.docx
Office 2016 – myitlab:grader – Instructions
Excel Project
Step
Instructions
Points
Possible
11
You will create an amortization schedule for Loan Option 3 in cells C12:F35. All payments are
end-of-the-period payments. Be sure that all formulas and functions result in a positive value.
To begin, in cell C12, enter a formula that refers to the Loan Amount for Loan Option 3.
Format the cell as Currency with 0 decimal places.
4.000
12
In cell D12, enter a function to calculate the first principal payment. Format the cell as
Currency with 2 decimal places.
5.000
13
In cell E12, enter a function to calculate the first interest payment. Format the cell as Currency
with 2 decimal places.
5.000
14
In cell F12, enter a formula to calculate the first ending balance. Format the cell as Currency
with 2 decimal places.
4.000
15
In cell C13, enter a formula that refers to the ending balance in cell F12. Complete the
amortization schedule as directed down to F35. Ensure that cells C13:F35 are formatted as
Currency with 2 decimal places.
10.000
16
Ensure that the worksheets are correctly named and placed in the following order in the
workbook: LoanAnalysis, Documentation. Save the workbook, exit Excel, and then submit the
file as directed by your instructor.
0.000
Total Points
Updated: 10/05/2017
2
100.000
Current_Instruction.docx
…
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