DUE DATE: THURSDAY, APRIL 17TH 2:30PM

Transcription

1 Before you do anything else, create a new Excel workbook and save it as Pd# Last Name, First Name. So for example, my file name will be Pd 4 Biddle, Amber You can save this on your virtual locker, a flash drive (USB), or however you d like. As long as you can have access to it from school and home (in case you miss a day of class), and as long as you can it to me in.xls (Excel) format, save it however is most convenient for you. For this assignment, you will make 6 spreadsheets (Earnings and Deductions, Check Register, Savings ~ Compound Interest, Credit, Amortization Schedule, and Credit Cards). These should be saved as different tabs on the same file. The title of each spreadsheet should be in cell A1 of each page. If you cannot see the entire title, format that cell to be left aligned. One piece of advice: Make the spreadsheets by hand using pen/cil and paper first. This will help you figure out how to construct the formulas for the different cells/columns in the spreadsheet. I also suggest doing them one at a time. For example: Do the Earnings and Deductions spreadsheet by hand on paper, then make the corresponding Earnings and Deductions spreadsheet based on your work on paper. As a sort of side note: many of these spreadsheets have already been done by hand in our homework assignments! Some Excel Tips: To rename a tab, right click on the tab, select Rename, and use the bold headings to name your sheets. To create a new tab, simply click the tab with a plus sign + and rename it for the section that you are currently on. At the conclusion of this assignment, you should have 6 tabs, one for each spreadsheet. Also, any column(s) containing money amounts should be set to Currency for the formatting. (See the Excel Tutorial Basics for how to change to Currency). One last thing: When putting monthly interest into a column, do it as a formula. For example, if my APR is 18%, type the small formula =.18/12 into the cell to calculate the monthly rate without rounding. Then, you can use that cell in your formulas without having to type.18/12 every time you need your monthly interest. If you need a refresher on how to perform Excel functions, or have never learned how to in the first place, go to my website and on the left hand side, click on Prob & Stat Calendar. Anything you need/want to do for this spreadsheet will be found on those tutorial pages. For April 4 April 17, you will find links to all of the tutorial documents needed to get you through this assignment. Your classmates are also great helpers! If you do get stuck, feel free to ask me, I can help you as well. **Disclaimer** The textbook is nearly 20 years old, so the instructions in the textbook vary slightly from the newest version of Excel. Use what you have been taught in the tutorials, not the Excel instructions from the textbook. They are ancient and antiquated.

2 Earnings and Deductions The Earnings and Deductions spreadsheet can be used throughout your life to monitor your pay and deductions, to be sure that you are not losing money. This spreadsheet should be constructed using the information given on p. 41 under Skill 2. Construct the spreadsheet on p.42 in the TRY YOUR SKILLS section for numbers Use the information from #1-10 and follow the instructions form #11-20 to complete the spreadsheet. You will need to reference the withholdings chart on p to determine the Income Tax Withholding. Your document should contain the following: 1. Your name 2. Columns for: a. Problem number (should be BE CAREFUL! These are numbered from left to right, not down in columns, in the book!) b. Gross Pay c. Withholding Allowances d. Income Tax Withholding e. FICA Withholding (formula only) f. Take- Home Pay (formula only) Check Register The Check Register spreadsheet is an electronic version of what you should be keeping in your checkbook ~ the added bonus is that if done correctly, you only have to make it once and it does all the work for you! You should be using the information given on p. 69 to create your check register document, which should include the following columns: 1. Number (9-39) 2. Check Number 3. Date 4. Checks and Deposits (you may have to resize this column to fit the title) 5. Amount 6. Balance. You should have formulas for every entry in the Balance column. Complete a spreadsheet using the instructions for #9-39 on page 70. BONUS OPPORTUNITY Make your check register have a Deposits and Withdraws column (instead of both Checks and Deposits in the same column, make each have their own). This means that all values should be positive! Also, make sure you adjust your formulas appropriately!

3 Savings ~ Compound Interest The Savings ~ Compound Interest spreadsheet should be constructed using the information on page 106. Use the information given to help you create your formulas for your spreadsheet. This spreadsheet will mimic what your bank keeps on record for your savings account. Both the Interest Earned column, as well as the New Balance column should only contain formulas no typed in values. Also, the Principal column should only contain formulas with the exception of the first value ($ ). Complete a spreadsheet using the instructions for #6-13 on page 112. Columns should include: 1. Number 2. Principal 3. Interest Rate 4. How Often Compounded (these should say Quarterly First Period, Quarterly Second Period, etc.) 5. Interest Earned 6. New Balance. Also, find the total amount of interest earned over this time period (this cell should be a formula!). Credit The Credit spreadsheet will be useful to illustrate total payment and total cost with no money down, allowing you to plan your budget way into the future. You can edit this spreadsheet later on to illustrate a situation in which you put money down on an item, like a home or a car. The instructions on how to create this spreadsheet can be found on p. 191 in your book. In cell A1, type Credit ~ No Money Down. Use this information on p. 191 to create the spreadsheet requested on p. 194 #9-29. Columns should include 1. Number (#9-29) 2. Loan Amount 3. Number of Years 4. Monthly Interest 5. Number of Months 6. Monthly Payment 7. Total Payment Bolded columns are an addition to the instructions in the book and should both be very small formulas generated by the great and powerful YOU! Formulas should be used for the Monthly Payment and Total Payment columns. **Don t forget that the formula you need is

4 on page 191, but because of our added columns, it will need changed slightly!!! (it s easier!)** HINT: The new columns will help you with constructing your formula. Once this is completed, you will add to this spreadsheet using information on p. 199 to include Total Cost (this column should also be a formula). P. 199 gives you the instructions to create this column, and your job is to add a Total Cost column to the #9-29 from p Amortization Schedules The Amortization Schedule spreadsheet will help you to determine your monthly payments, interest due, note reduction, and how long it will take you to pay off a loan, given a principal and interest rate. Instructions for this spreadsheet can be found on p Use this information to create the spreadsheet on p.224 #4-15. Columns should include: 1. Number (#4-15) 2. Payment Number (this is the same as the month number) 3. Payment Amount 4. Monthly Interest 5. Interest Due 6. Note Reduction 7. Unpaid Balance The Interest Due, Note Reduction, and Unpaid Balance columns should all contain formulas no typed in values. One Exception: The very first entry in the column Unpaid Balance should be 9500 while all other entries in the row should be blank. Bolded columns are an addition to the instructions in the book and should both be very small formulas generated by the great and powerful YOU! Formulas should be used for the Monthly Interest, Interest Due, Note Reduction, and Unpaid Balance columns. **Don t forget that the formula you need is on page 220, but because of our added columns, it will need changed slightly!!! (it s easier!)** HINT: The new columns will help you with constructing your formula. For this spreadsheet, I also want you to calculate the amount of interest paid for the first 12 months of this schedule.

5 Credit Cards The Credit Cards spreadsheet will help you determine balance, finance charges, new balance, and length of time required to pay off a balance if you choose to. Use the instructions (and sample spreadsheet) on p. 263 and p. 275 to create your spreadsheet. Use this information to create the spreadsheet assignment on p. 278 #4-16. Columns should include: 1. Number (#4-15) 2. Month 3. Purchases 4. Balance 5. Interest 6. Amount Owed 7. Payment The Balance, Interest, Amount Owed, and Payment columns should all contain formulas no typed in values, with one exception: the starting balance for the row for #4 this should be typed in as Although they give you the Interest and Amount Owed, I want you to supply the formulas that arrive at those values. CONGRATULATIONS! You ve completed the Excel unit of Consumer Math!!! Now, you must save and send your file to me. Double check that all of the components are present for each spreadsheet (you wouldn t want to lose points for forgetting something silly). Also, make sure that your file is named properly before you send it (see the top of this document for those instructions). Send your file to me at abiddle@pgsd.org on or before THURSDAY, APRIL 17 TH AT 2:30PM.!! WARNING!! If your Excel document is not in my inbox by 2:30PM on 4/17, you will lose 10% per day.