Exp22_Excel_Ch02_ML2 – Vacation Property 1.1

Exp22 Excel Ch02 ML2 – Vacation Property 1.1

Excel Chapter 2 Mid-Level 2 – Vacation Property 

Project Description:

You have been hired as a finance manager at Granger vacation homes, a regional construction company that finances and builds vacation properties. As part of your responsibilities you manage mortgage applications. Your predecessor left a partially created document you will use to calculate various details about each property being financed. You will use the VLOOKUP function to help determine mortgage interest rates, IF statements to calculate down payment, various statistical calculations, and XLOOKUP to create a quick search within the document.

Start Excel. Download and open   the file named Exp22_Excel_Ch02_ML2_Vacation   Property.xlsx. Grader has automatically added your last name to the   beginning of the filename. 

Write an IF function in cell D9   that calculates the down payment for the mortgage. The down payment is 15% of   the purchase price if the customer is considered high risk or 5% of the   purchase price if considered low risk. The criteria to assess the risk of the   loan is based on the credit score value in cell B6. Be sure to use the appropriate   absolute or mixed cell references when referencing the input values in the   range B4:B6. Then use the fill handle to copy the formula down, stopping in   cell D28.

Enter a formula to calculate the   percent financed in cell E9. The percent financed is the amount   financed/purchase price. Next use the fill handle to copy the formula down,   stopping cell E28.

Enter a formula in cell F9 to   calculate the amount financed. The amount financed is the purchase price-down   payment. After entering the formula, use the fill handle to copy the formula   down, stopping in cell F28.

Use the VLOOKUP function in cell   G9 to lookup the mortgage rate based on the customer credit score and the   data in the range D4:E6. Be sure to use the appropriate absolute or mixed   cell references. Use the fill handle to copy the formula down, stopping in   cell G28.

Calculate the rate per period in   cell H9. All mortgages being financed will be paid monthly. After completing   the formula, use the fill handle to copy the formula down, stopping in cell   H28.

Calculate the total number of   payment periods in cell J9 based on the years financed in cell I9. After   completing the formula, use the fill handle to copy the formula down,   stopping in cell J28.

Use the PMT function to   calculate the total monthly payment in cell K10 based on the periodic   interest rate, number of periods, and amount financed. Ensure the results are   a positive value then use the fill handle to copy the function, down stopping   in cell K28.

Use Quick Analysis to calculate   the total of all payments in cell K29. (Quick Analysis is not available for   Mac. If using a Mac, use AutoSum to calculate the SUM of the range K9:K28).

Use the appropriate statistical   functions in the range B32:B36 to calculate descriptive statistics based on   the row headings in the range A32:B36. In cell B32, calculate the total count   of loans based on column A, lowest payment in cell B33 based on the data in   column K, highest payment in B34, average payment in B35, and median payment   in B36. 

Use the XLOOKUP function in cell   E32 to lookup the employee number in cell D32 and return the corresponding   down payment, % finances, and amount financed. 

Use the appropriate function to   insert the current date and time in cell B2.

Save and close the workbook.   Submit the file as directed.