# Excel formula assignment need it in 2 hours

EXP ECH02 H3 – Mortgage Calculator 1.3

Project Description:

As a financial consultant, you work with people who are planning to buy a new house. You want to create a worksheet containing variable data (the price of the house, down payment, date of the first payment, and borrowerâ€ s credit rating) and constants (property tax rate, years, and number of payments in one year). Borrowers pay 0.5% private mortgage insurance (PMI) of the loan amount if they do not make at least a 20% down payment. A borrowerâ€ s credit rating determines the required down payment percentage and APR. For example, a person with an excellent credit rating may make only a 5% down payment with a 3.25% APR loan. A per-son with a fair credit rating will make a 15% down payment and have a higher APR at 5.25%. Your worksheet needs to perform various calculations. The filled cells in column F indicate cells containing formulas, not values.

Instructions:

For the purpose of grading the project you are required to perform the following tasks:

 Step Instructions Points Possible 1 Start Excel. Download and open the file named e02_grader_h3.xlsx. 0.000 2 On the Payment worksheet, assign the range name Table to the range A17:C20. 0.000 3 In cell F4, enter a lookup function to calculate the APR Based on Credit Rating. Include the range_lookup argument to ensure an exact match. Use range names for the first two arguments in the function. 10.000 4 In cell F5, enter a lookup function and formula to calculate the Minimum Down Payment Required amount. Include the range_lookup argument to ensure an exact match. Use range names for the first two arguments in the function and for calculation after the closing parenthesis. For example, a borrower who has an Excellent rating is required to pay a minimum of 5% down payment of the negotiated purchase price. Multiply the function results by the negotiated cost of the house 10.000 5 In cell F6, enter a formula to calculate the Annual Property Tax based on the negotiated cost of the house and the annual property tax rate. Use range names in the formula. 6.000 6 In cell F10, enter a formula to calculate the Total Down Payment, which is sum of the required minimum down payment (calculated previously) and any additional down payment entered in the Inputs section. Use range names in the formula. 4.000 7 In cell F11, enter a formula to calculate the Amount of the Loan, which is the difference between the negotiated cost of the house and the total down payment. Use range names in the formula. 5.000 8 In cell F7, enter an IF function to calculate the Annual PMI. If the borrowerâ€ s total down payment (required and additional) is 20% or more of the negotiated purchase price (multiply the cost by the PMI avoidance percentage), PMI is zero. If the total down payment is less than 20%, the borrower has to pay PMI calculated by multiplying the amount of the loan by the PMI rate. Use range names whenever possible in the function. 10.000 9 In cell F12, enter the PMT function to calculate the Monthly Payment. Use range names in the function. 10.000 10 In cell F13, enter a formula to calculate the Monthly Property Taxbased on the annual amount (calculated previously). Use range names in the formula. 5.000 11 In cell F14, enter a formula to calculate the Monthly PMIbased on the annual amount (calculated previously). Use range names in the formula. 5.000 12 In cell F15, enter a function to calculate the Total Monthly Payment. 5.000 13 In cell F16, enter the EDATE function to calculate the Date of Last Payment. The functionâ€ s second argument must calculate the correct number of months based on the total length of the loan. For example, if the first payment date is 5/1/2016, the final payment date is 4/1/2046 for a 30-year loan. The last argument of the function must subtract 1 to ensure the last payment date is correct. 10.000 14 Display the Range Names sheet and paste a list of range names starting in cell A2. 10.000 15 Set the width of column A to 12 and the width of column B to 22. 4.000 16 Create a footer on each worksheet with the text Exploring Series on the left side, the sheet name code in the center, and the file name code on the right side of both worksheets. 6.000 17 Ensure that the worksheets are placed in the following order in the workbook: Payment, Range Names. Save the workbook. Close the workbook, and then exit Excel. Submit the workbook as directed. 0.000 Total Points 100.000

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