EXCEL ASSIGNMENT #5 NEEDS TO BE DEVELOPED
Information Processing 120
Excel Assignment # 5 (24)
In this assignment you will create an amortization table for a student loan you are getting for university. To cover the 4 years of university, you need a loan of $24,000. When you graduate from university, you have to start paying it back monthly at an interest rate of 7.3% over a period of 8 years. Open the Excel Spreadsheet called Student Loan.
1. In cells B3, B4, and B5, fill in the information for the interest rate, number of payments, and the principal. (3)
2. In cell B7, calculate the monthly payment using the PMT function and cell referencing. (3)
3. Once you have determined the monthly payment, use this information to determine the total amount of money you will pay over the 8 years of the loan in cell B9. Use a formula and cell referencing to do this (monthly payment x number of payments). (2)
4. In cell B10, calculate the total amount of interest you will have paid after 8 years by subtracting the principal from the answer in cell B9. Use a formula and cell references to accomplish this. (2)
5. In cell A13, enter “1” (without the quotation marks) and in cell B13 enter “=B5” (without the quotation marks). (2)
6. In cell C13, use the following formula to calculate the amount paid to interest:
=B13*($B$3/12) (2)
7. In cell D13, enter the formula:
=IF(C13 ................
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