Financial Formula Syntax:
Financial Formulas - Examples 1PMT(rate,nper,pv,fv)FV(rate,nper,pmt,pv)PV(rate,nper,pmt,fv)RATE(nper,pmt, pv,fv)NPER(rate, pmt, pv, fv) (assume default “type” unless otherwise indicated)1. You are investing $5000 into a savings plan today and will make quarterly contributions of $100 per quarter.. The plan pays 6% interest per year compounded quarterly. Write an Excel formula to determine how much your savings will be worth in 5 years. 2.. Write an Excel formula to determine the yearly interest rate being charged by the bank on your $175,000 30- year mortgage. You make a monthly mortgage payment of $2000 and the value of the loan at the end of thirty years is zero. Interest is compounded monthly. 3. Write an Excel formula to determine the value today of $1000 invested 2 years ago at 12% per year compounded quarterly.Write an Excel formula to determine the monthly car payment that will be required to take a $10,000 loan over 4 years. The rate of loan is %15 compounded monthly(a) Write an Excel formula to determine the amount of money I need to invest today at 6% per year compounded monthly to have $5000 in three years. I plan on making additional monthly payments of $25 into the account each month.(b) Rewrite the formula to determine how much would I need to invest if I do not plan on making additional monthly payments.Write an Excel formula to determine the number of years it would take you to pay off a loan for the following: You are buying a Jeep for $23,500 with a $2000 down payment. The rest you are borrowing from the bank at 6.5% annual interest compounded monthly. Your monthly payments are $350.When expressing CASH FLOW in EXCEL financial formulas - Cash out of your pocket is expressed as a ____________(negative/positive) . Sometimes these financial functions have a “type” arguemnt at the end of the formula What does “type” mean. What are the different types?9. For the next 3 years you will be receiving $2000 per quarter at the beginning of each quarter (assume all 4 quarters) from the state of Ohio as an educational loan. The loan rate is 6% compounded quarterly Write an Excel formula to determine the Present Value of this loan.? (hint – consider the “type”)10. I found a cookie jar with a bank note in it from 1900. The value in 1900 was $100 and the bank which is still in existence promises to pay 3% per year compounded annually. What is it worth now.11. I decided to take a mortgage with a balloon payment - its a $100,000 at 6% annual interest compounded monthly for 20 years. The amount I have to pay (balloon) in 20 years is $10,000. What is the payment I can expect each month.12. Your parents have agreed to give you $500/mo for school for the first four years. What is the present value of these payments, using an annual interest rate of 2.5% annual interest compounded monthly?13. You have a student loan for $5000 at 4.5% interest. No payment is required for 2 years but the loan accrues interest monthly. Once you begin paying the loan you have 10 years to finish payments. Calculate the monthly payment. (hint: try nesting your financial functions) ................
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