CH11_student_cd.qxd 10/17/08 7:09 AM Page 4 Mastering Excel Project 11M Studio Loan In this project, you will apply the skills you practiced from the Objectives in Project 11B. Objectives: 6. Use Financial Functions; 7. Use Goal Seek; 8. Create a Data Table. In the following Mastering Excel project, you will create a worksheet for Marco Canaperi, President of Adamantine Jewelry, that analyzes loan options for a house in Maine that the company is considering purchasing and converting to a design studio. Marco wants to establish a design facility in the United States, but would like to keep the monthly loan payment below $6,000. The worksheets of your workbook will look similar to Figure 11.47. Figure 11.47 For Project 11M, you will need the following file: New blank Excel workbook You will save your workbook as 11M_Studio_Loan_Firstname_Lastname 4 Excel Chapter 11: Using Functions and Tables (Project 11M Studio Loan continues on the next page)
CH11_student_cd.qxd 10/17/08 7:09 AM Page 5 Mastering Excel (Project 11M Studio Loan continued) 1. Start Excel and display a new blank workbook. Save the workbook in your Excel Chapter 11 folder as 11M_Studio_Loan_ Firstname_Lastname Widen column A to 185 pixels and column B to 100 pixels. In cell A1, type USA Studio Purchase in Maine Merge and Center the title in the range A1:B1, change the Font to Cambria, change the Font Size to 14, apply Bold, and then add a Fill Color of Blue, Accent 1, Lighter 40%. Rename the worksheet tab as Studio Purchase In the range A2:B5, enter the following row titles and data. Amount of Loan $585,000 Period (years) 10 Interest rate (per year) 6.75% Payment (per month) 2. In cell B5, insert the PMT function using the data from the range A2:B5. Be sure that you divide the interest rate by 12 and multiply the years by 12, and that the payment displays as a positive number. The result is $6,717.21. Recall that Marco would prefer to keep the monthly payment below $6,000. Use Goal Seek to reduce the loan amount so that the payment does not exceed $6,000. 3. In cell A7, type Option #1 - Reduce the Loan Copy the format from cell A1 to cell A7. Copy the range A2:B5, and then paste the Values and number formats to cell A8. 4. In cell B2, type 585000 to restore the original loan amount. Then use Goal Seek to increase the number of years in which to finance the studio so that the payment does not exceed $6,000. In cell A13, type Option #2 - Increase Years Format the cell the same as cell A7. Copy the range A2:B5, and then paste the Values and number formats to cell A14. Display the value in cell B15 with two decimal places, and then in cell B3, type 10 to restore the original value. Insert a footer with the File Name in the left section, and then Center the worksheet Horizontally on the page. 5. Save your workbook and return to Normal view. To determine how changes in interest rates and number of payments affect the payment amount, Marco will set up a two-variable data table. Rename the Sheet2 tab to Studio Payment Table 6. In the new worksheet, widen column A to 165 pixels. Widen column B to 80 pixels. In cell A1, type Loan Options for Studio Purchase - Rates versus Months Merge and Center this title across the range A1:H1. Change the Font to Cambria, the Font Size to 16, apply Bold, and then apply a Fill Color of Blue, Accent 1, Lighter 40%. 7. Widen columns C:H to 85 pixels. In the range A2:B4, enter the following row titles and data. Amount of Loan $585,000 Period (months) 120 Interest rate (per year) 6.75% 8. The lender with whom Adamantine Jewelry is financing the studio purchase has loan programs based on 5-, 10-, 15-, 20-, 25-, and 30-year terms. In cell C8, type 60 the number of months in a 5- year loan. In D8, type 120 the number of months in a 10-year loan. Then, fill the series across for the remaining four terms. Center and Bold the series information. 9. Beginning in cell B9, enter varying interest rates in increments of.5% beginning with 8.5% and ending with 5%. Format all (Project 11M Studio Loan continues on the next page) Project 11M: Studio Loan Excel 5
CH11_student_cd.qxd 10/17/08 7:09 AM Page 6 Mastering Excel (Project 11M Studio Loan continued) the interest rates with two decimal places, and then Center and Bold the rates. In cell C6, type Payment Options and then Merge and Center the title across the range C6:H6. Change the Font Size to 14, and then apply Bold. In cell C7, type Number of Monthly Payments and then copy the format of cell C6 to cell C7. 10. In cell B8, enter a PMT function using the information in cells B2:B4. Be sure that you convert the interest rate to a monthly rate and that the result displays as a positive number. Create a Data Table in the range B8:H16 using the information in cells B2:B4 in which the Row input cell is the Period and the Column input cell is the Interest rate. Copy the format from B8 to the results in the data table. Insert a footer with the File Name in the left section. Change the Orientation to Landscape, and then Center the worksheet Horizontally on the page. Delete Sheet3 from the workbook, and then return to Normal view. 11. Save your workbook. Print the Entire workbook, or, submit electronically. If you are directed to submit printed formulas, refer to Activity 9.17 in Project 9A to do so. 12. If you printed your formulas, be sure to redisplay the worksheet by pressing C +. From the Office menu, click Close. If you are prompted to save changes, click No. Close Excel. End You have completed Project 11M 6 Excel Chapter 11: Using Functions and Tables
CH11_student_cd.qxd 10/17/08 7:09 AM Page 7 Project 11N Office Loan Business Running Case In this project, you will apply the skills you practiced in Projects 11A and 11B. Jennifer Nelson graduated with a Master of Architecture degree and honed her space planning and design skills in a large architectural firm before opening her own firm. Nelson Architectural Planning specializes in corporate space planning, facility layouts, and interior design for high-tech companies in northern California. Follow the instructions and use the skills you have gained thus far to assist Jennifer Nelson in meeting the challenges of owning and running her business. Your final document should look similar to Figure 11.48. Figure 11.48 For Project 11N, you will need the following file: e11n_office_loan You will save your workbook as 11N_Office_Loan_Firstname_Lastname (Project 11N Office Loan continues on the next page) Project 11N: Office Loan Excel 7
CH11_student_cd.qxd 10/17/08 7:09 AM Page 8 Business Running Case (Project 11N Office Loan continued) 1. Start Excel and from your student files, open the folder 03_business_running_ case, locate the Business Running Case project for this chapter, and open the file e11n_office_loan. Save it in your Excel Chapter 11 folder as 11N_Office_Loan_ Firstname_Lastname In cell B4, enter the NOW function, and then on the Home tab, in the Number group, click the Number Format arrow, and apply the Short Date format. 2. In cell F11, enter an IF function to determine if the Quantity in Stock value in cell B11 is less than 15. If true, display Order and if false, display OK Copy the formula down through row 74. In the Stock Level column, use Conditional Formatting to apply Bold Italic to cells that contain the text Order 3. In cell C7, enter a COUNTIF function to count the number of Furniture items in the Category column. In cell C8, enter a COUNTIF function to count the number of Accessories items in the Category column. Select the range A10:F74, and then Insert a Table with headers. Apply Table Style Medium 17. Press C + h to display the top of the worksheet, select row 11, and then Freeze Panes. Sort the table from A to Z on the Product# column. Click the Design tab, and then change the Table Style Options to display the Total Row. 4. Filter the table to display the Furniture Category. Scroll as necessary to bring the Total row closer to the table headings. Use the Total Row Retail Price arrow to determine the average retail price for the Furniture category. Right-click over the result, click Copy, right-click over cell D7, click Paste Special, and then paste the Values and number formats. Determine the average retail price for the Accessories category, and then copy the value and number format to cell D8. 5. Filter the table to display the Furniture Category. Then filter the Stock Level field to display only those Furniture items that display Order. In the Total Row, select the Order column, click the arrow, and then click the Count function. Copy the value and number format of the result, 23, to cell E7. Use the same techniques to determine how many Accessories products need to be ordered, and then copy the value and number format to cell E8. 6. Remove all filters to display all of the data in the table, click any cell in the table, click the Design tab, and then remove the Total Row from the table. Convert the table to a normal range. 7. Unfreeze the panes. Insert a footer with the File Name in the left section, and then Center the worksheet Horizontally. Set the Print Titles option to repeat row 10 at the top of each page. Change the Orientation to Landscape, display the worksheet in Normal view, and then display the top of the worksheet. Save your workbook. 8. Display the Loan Options-Showcase Office worksheet. In cell B9, enter a PMT function using the data in B3:B5; convert the rate to a monthly rate, and be sure that the result displays as a positive number. Format the result with zero decimal places. 9. Create a Data Table using the information in cells B3:B5 in which the Row input cell is the Period and the Column input cell is the Interest rate. Use the Format Painter to format the results in the data table using the format in cell B9. (Project 11N Office Loan continues on the next page) 8 Excel Chapter 11: Using Functions and Tables
CH11_student_cd.qxd 10/17/08 7:09 AM Page 9 Business Running Case (Project 11N Office Loan continued) 10. Insert a footer in the left section with the File Name, and then Center the worksheet Horizontally on the page. Display the top of the worksheet in Normal view. 11. Save your workbook. Print the Entire workbook or submit electronically as directed. If you are directed to submit printed formulas, refer to Activity 5.17 in Project 9A to do so. 12. If you printed your formulas, be sure to redisplay the worksheet by pressing C +. From the Office menu, click Close. If you are prompted to save changes, click No. Close Excel. End You have completed Project 11N Project 11N: Office Loan Excel 9
CH11_student_cd.qxd 10/17/08 7:09 AM Page 12 Outcomes-Based Assessments CD-ROM Project 11Q Vehicle Loan You and GO! In this project, you will construct a solution by applying any combination of the Objectives found in Projects 11A and 11B. For Project 11Q, you will need the following file: New blank workbook You will save your workbook as 11Q_Vehicle_Loan_Firstname_Lastname In this chapter, you practiced using Excel to analyze the effect of interest rates and terms on loan payments. Research a vehicle that you are interested in purchasing and then begin a new blank workbook. In your worksheet, enter the price of the vehicle and the down payment if any. Subtract the down payment from the purchase price to determine the loan amount. Enter an interest rate of 5% and a loan term of 4 years. Calculate the loan payment, and then create a data table with terms of 3, 4, 5, and 6 years and interest rates varying from 3% to 12%. Save your workbook to your Excel Chapter 11 folder as 11Q_Vehicle_Loan_ Firstname_Lastname and submit as directed. End You have completed Project 11Q 12 Excel Chapter 11: Using Functions and Tables