Calculate the payment amount for the loan in cell C15. Reference the cells containing the appropriate
loan information as the arguments for the function you use. Cells C20-C67 in the "Payment" column are
populated wi
...
Calculate the payment amount for the loan in cell C15. Reference the cells containing the appropriate
loan information as the arguments for the function you use. Cells C20-C67 in the "Payment" column are
populated with the payment amount from cell C15. Correct Answer-=PMT(C13/12,C12,C11)
Calculate, in cell D20, the interest amount for period 1 by multiplying the balance in period 0 (cell F19)
by the loan interest rate (cell C13) divided by 12. Dividing the interest rate by 12 results in the monthly
interest rate. This formula is reusable. The interest for a given period is always the monthly interest rate
times the balance from the previous period.
f Correct Answer-=F19*0.065/12
Copy the Interest amount calcualtion down to complete the "interest" column of the amortization table.
Correct Answer-Paste down column .
Calculate, in cell E20, the principal amount for period 1. The principal amount is the difference between
the payment amount (cell C20) and the interest amount (cell D20) for period 1. Construct your formula
in such a way that it can be reused to complete the "principal" column of the amortization table. Correct
Answer-=C20-D20
Copy the principal amount calculation down to complete the "principal" column of the amortization
table. Correct Answer-Copy and paste down.
Calculate, in cell F20, the balance for period 1. The balance is the difference between the balance for
period 0 (cell F19) and the principal amount for period 1 (cell E20). This formula is reusable. The balance
is always calculated as the difference between the balance from the previous period and the principal
amount for the current period. Correct Answer-=F19-E20
Copy the balance amount calculation down to complete the balance column of the amortization table.
Correct Answer-Copy and paste down.
Calculate, in cell G12, the total amount paid by multiplying the payment amount (cell C15) by the term
of the loan (cell C12). Correct Answer-=C15*C12
Calculate the total interest paid in cell G13. The total interest paid is the sum of all interest paid in the
"Interest" column of the amortization table. Correct Answer-=SUM(D20:D67)
Check to see if the total interest calculation in the amortization table is correct. The total interest paid is
also equal to the difference between the total amount paid over the course of the loan and the original
loan amount. Insert a formula into cell G14 to calculate the difference between the total amount paid
and the original loan amount. Notice the negative sign associated with the original loan amount. This
value should equal the total interest calculated using the amortization table. Correct Answer-=G12-G13
Assume you have made the first 36 payments on your loan. You want to trade the car in for a new car.
You believe that you can sell your car for $4000. Will this cover the balance remaining on the car in
period 36? Answer either "Yes" or "No" in cell G15 from the drop-down menu. Correct Answer-Yes
Use the HLOOKUP function to complete the "Hourly Wage" column of table 1. Use the "Employee"
column of table 1 as the lookup_value and the "Employee Wage Information" above table 1 as your
reference table. Correct Answer-=HLOOKUP(D16, $E$11:$H$12, 2, 0)
Use the AND function to complete the "Time Bonus?" column of table 1. An employee earns a time
bonus if the project's "Hours Worked" are fewer than the "Estimated Hours" and if the work "Quality" is
greater than 1. Correct Answer-=AND(E161)
Use the OR function to complete the "Outcome Bonus?" column of table 1. An employee earns an
outcome bonus if the difficulty of a job is greater than 3 or if the quality of their work is equal to 3.
Correct Answer-=OR(G16>3,H16=3
Use the IF function to complete the "Time Bonus $" column of table 1. If an employee earns a time
bonus (i.e., the corresponding cell in the "Time Bonus?" column is TRUE), then "Time Bonus $" is the
"Job Pay" for that project times the bonus percentage in cell M11. Otherwise "Time Bonus $" is 0.
Correct Answer-=IF(I16=True, K16*$M$11,0)
Use the IF function to complete the "Comments" column of table 1. Display "Good Job" if both the
"Hours Worked" are less than or equal to the "Estimated Hours" for a project and the assessed "Quality"
of that project is greater than 1. Display "Too Much Time" if the "Hours Worked" on a project exceed the
"Estimated Hours" for that project; otherwise, display "Poor Quality." Correct Answer-=IF(E17>C17,
"PoorQuality","Too MuchTime
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