Excel 2 Name - Weebly

Excel 2

Payment (PMT) Function

Future Value (FV) Function

Goal Seek

Name:

1. Complete in-class example.

Stamp

2. Open the file "car payment". Change the title of the worksheet to "Your Name's Car Payment Calculator". a. Use the "down payment" section of the worksheet to calculate how much money you would be able to save if you deposited $150 each month each month for 3 years and you earned a 2.0% interest rate. How much money would you have at the end of the 3 years for a down payment?

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Use Goal Seek to determine how much you would have to deposit each month to have $8,000 saved at the end of 3 years with the 2.0% interest rate. What is the amount you would have to deposit each month?

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b. Go to . Select 2 cars you would like to buy (search by make and model or search by category) and find out what the price would be to purchase the car. Using the monthly loan payment section of the worksheet calculate the monthly payment for each car you would like to buy. Use $8,000 as the amount for the down payment. Go to (Granite Credit Union) and find today's interest rate for an auto loan (look on the left side of the screen for "Today's Rates"). Enter today's interest rate for an auto loan in the worksheet. You will get a 5-year (60 month) loan. Complete the information in the following table for the 2 cars you select:

Make

Model

Year

Price

Monthly Payment

3. In this assignment you will use the PMT function to calculate the mortgage payments to buy a house. a. Start a new workbook and set up the worksheet shown below.

b. Insert a formula in cell B4 to calculate the amount needed for a down payment (20%*B3). c. Insert a formula in cell B5 to calculate the loan amount (Purchase Price ? Down Payment). d. Go to (Granite Credit Union) to find today's interest rate for a 30-year fixed

mortgage. Use that interest rate in cell B6. e. Click in cell B8 and enter the PMT function to calculate the monthly payment for a house. f. Click in cell B9 and enter a formula to calculate the total interst payments (Monthly Payment *

Number of Years *12, -Loan Amount). g. Click in cell B10 and enter a formula to calculate the total cost of the home (Total Interest +

Purchase Price) to calculate the total cost of the house. h. Format all dollar amounts in Comma style with two decimal places. Format the percentage (interst

rate) with a % and 2 decimal places. i. Go to . Find 2 houses that you would like to buy that are located in your

current zip code. Calculate the monthly payment for each house by entering the purchase price in the worksheet you just created. Write the information in the table below.

MLS#

Address

Price of Home

Down Payment

Monthly Payment

j. Print the spreadsheet with the information for the second house you find and attach it to this handout.

4. In this assignment you will use the Future Value function to determine the future value of a college fund.

a. Start a new workbook. Change the column width to set the width of column A to 19 and column B

to 14. Enter the following data in the worksheet:

A1: College Fund

A3: Interest Rate

B3: 8.00%

A4: Number of Years

B4: 18

A5: Monthly Contribution

B5: 200

A6: Future Value

b. Click in cell B6 and enter the Future Value function to calculate the future value of these

contributions.

c. Go to the website of a college or university you are thinking of attending. Find the tuition for a full-

time student for 1 semester. Write the amount here: __________________________________

d. Using the worksheet you just created, determine the amount of money you would have to save each

month starting in January 2011 to be able to pay for the first semester's tuition. Print the

worksheet when you have the worksheet completed.

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