You are budgeting for the purchase of a new automobile. You are evaluating your expenses to determine the monetary resources available for a monthly payment. As part of the project you will perform What-IF Analysis and complete an amortization schedule.
For the purpose of grading the project you are required to perform the following tasks:
Download and open the file namedexploring_e06_grader_a1.xlsx, and then save the file asexploring_e06_grader_a1_LastFirst, replacing LastFirstwith your name.
Use Goal Seek to set the monthly payment of the auto loan to$304.69 (15% of available capital) by changing the purchase price in cell E4.Beginning in cell G3, complete the series of loan amount values ranging from $16,000 to $30,000 in $500 increments in cells G3:G31.
Enter references for monthly payment, percent of total, and insurance premium in the cell H2, cell I2, cell J2 respectively for a one-variable data table.
Complete the one-variable data table using Amount of Loan as the column input cell, and then ensure the results for monthly payment and insurance premium are formatted as Accounting Number Format with two decimal places. Format percent of available income as Percentage Number Format.
Apply custom number formats to make the formula references appear as the following descriptive column headings: H2-Monthly Payment, I2-% of Available Income, J2-Insurance Premium.
Copy the loan amount values from the one-variable table (range G3:G31) into the two-variable table starting in cell L3.
Type 3.00% into cell M2. Complete the series from 3.00% to4.25% using .25% increments through R2.
Enter the reference to the monthly payment formula in the cell L2 for a two-variable data table.
Complete the two-variable data table using cell E7 as the row input cell and E6 as the column input cell , and then format the results with Accounting Number Format with two decimal places.
Apply a custom number format to cell L2 to display Amount of Payment.