Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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The question is how do I make the Excel Tables correctly before trying to plot the remaining units and get by solving those in the spreadsheet?
![PROJECT STEPS
Ricardo and Miranda Ramos are considering whether to buy their first home, and have
spoken to three lenders about taking out a mortgage for the house purchase. They now
pay $1,500 per month in rent and can pay up to $1,600 per month for a mortgage.
Miranda has created an Excel spreadsheet to compare the terms of the mortgage. She
asks you to help her complete the analysis of their loan options.
1.
2.
3.
Go to the Mortgage Calculator worksheet. The cells in the range B5:B7 have defined
names, but one is incomplete and could be confusing. Cell A2 also has a defined name,
which is unnecessary for a cell that will not be used in a formula.
Update the defined names in the worksheet as follows:
Delete the Loan_Payment_Calculator defined name.
For cell B7, edit the defined name to use Loan_Amt as the name. [Mac Hint:
Delete the existing defined name "Loan_Am" and add the new defined name.]
a.
b.
In cell B7, calculate the loan amount by entering a formula without using a function that
subtracts the Down Payment from the Price.
Miranda also wants to use defined names in other calculations to help her interpret the
formulas.
In the range D3:D7, create defined names based on the values in the range C3:C7.](https://content.bartleby.com/qna-images/question/b7b9bc12-9bec-475d-bc99-e13d2a9b76e2/bc15de9f-271f-4bcd-b4be-7dc22c30cdd2/cn32nz8_processed.jpeg)
Transcribed Image Text:PROJECT STEPS
Ricardo and Miranda Ramos are considering whether to buy their first home, and have
spoken to three lenders about taking out a mortgage for the house purchase. They now
pay $1,500 per month in rent and can pay up to $1,600 per month for a mortgage.
Miranda has created an Excel spreadsheet to compare the terms of the mortgage. She
asks you to help her complete the analysis of their loan options.
1.
2.
3.
Go to the Mortgage Calculator worksheet. The cells in the range B5:B7 have defined
names, but one is incomplete and could be confusing. Cell A2 also has a defined name,
which is unnecessary for a cell that will not be used in a formula.
Update the defined names in the worksheet as follows:
Delete the Loan_Payment_Calculator defined name.
For cell B7, edit the defined name to use Loan_Amt as the name. [Mac Hint:
Delete the existing defined name "Loan_Am" and add the new defined name.]
a.
b.
In cell B7, calculate the loan amount by entering a formula without using a function that
subtracts the Down Payment from the Price.
Miranda also wants to use defined names in other calculations to help her interpret the
formulas.
In the range D3:D7, create defined names based on the values in the range C3:C7.
Transcribed Image Text:New House Mortgage Calculator
Loan Payment Calculator
10/1/2021
2
3 Date
4
5 Price
6 Down Payment
7
Loan Amount
8
9
Property
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Rate
Beecher Street
4.00%
4.08%
4.16%
4.24%
4.32%
4.40%
4.48%
4.56%
4.64%
4.72%
4.80%
4.88%
4.96%
Ś
$
350,000
35,000
Rate
Term in Months
Varying Interest Rates and Terms
Number of Months
240
180
Monthly Payment
Total Interest
Total Cost
4.32%
360
360
Documentation Mortgage Calculator Listings Car Loan
4
E
Scenarios
Loan Amount
Annual Interest Rate
Monthly Interest Rate
Loan Period in Years
Loan Period in Months
Start Date
Monthly Payment
Future Value
Current Rent
$
Monthly House Payment S
$
Bank 1
4.40%
0.37%
30
360
1/5/2022
$
1,500
S
H
Bank 2
4.56%
0.38%
30
360
1/5/2022)
(1,500) $
$0.00 $1,151,573.10
$
Bank 3
337,500
4.56%
0.38%
20
240
1/5/2022)
(1,500)
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