H Instructions SC EX19 4b Protected View Saved to this PC age 1 of 5 1190 words 46'F Mostly clear References Mailings Review View Help Home Insert Draw Design Layout OTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View, 1. Search (Alt+Q) PROJECT STEPS Ricardo and Miranda Ramos are considering whether to buy their first home, and have spoken to three lenders about taking out a mortgage for the house purchase. They now pay $1,500 per month in rent and can pay up to $1,600 per month for a mortgage. Miranda has created an Excel spreadsheet to compare the terms of the mortgage. She asks you to help her complete the analysis of their loan options. 2. 3. Enable Editing Go to the Mortgage Calculator worksheet. The cells in the range B5:87 have defined games, but one is incomplete and could be confusing. Cell A2 also has a defined name, which is unnecessary for a cell that will not be used in a formula. Update the defined names in the worksheet as follows: a. Delete the Logn Payment Calculator defined name. b. For cell 87, edit the defined name to use Loan Amt as the name. [Mac Hint: Delete the existing defined name "Loan_Am" and add the new defined name.] In cell B7, calculate the loan amount by entering a formula without using a function that subtracts the Down Payment from the Price. Miranda also wants to use defined names in other calculations to help her interpret the formulas. In the range D3:D7, create defined names based on the values in the range C3:C7. CENGAGE Focus EG Col
H Instructions SC EX19 4b Protected View Saved to this PC age 1 of 5 1190 words 46'F Mostly clear References Mailings Review View Help Home Insert Draw Design Layout OTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View, 1. Search (Alt+Q) PROJECT STEPS Ricardo and Miranda Ramos are considering whether to buy their first home, and have spoken to three lenders about taking out a mortgage for the house purchase. They now pay $1,500 per month in rent and can pay up to $1,600 per month for a mortgage. Miranda has created an Excel spreadsheet to compare the terms of the mortgage. She asks you to help her complete the analysis of their loan options. 2. 3. Enable Editing Go to the Mortgage Calculator worksheet. The cells in the range B5:87 have defined games, but one is incomplete and could be confusing. Cell A2 also has a defined name, which is unnecessary for a cell that will not be used in a formula. Update the defined names in the worksheet as follows: a. Delete the Logn Payment Calculator defined name. b. For cell 87, edit the defined name to use Loan Amt as the name. [Mac Hint: Delete the existing defined name "Loan_Am" and add the new defined name.] In cell B7, calculate the loan amount by entering a formula without using a function that subtracts the Down Payment from the Price. Miranda also wants to use defined names in other calculations to help her interpret the formulas. In the range D3:D7, create defined names based on the values in the range C3:C7. CENGAGE Focus EG Col
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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My question is How do I find the formula for Cell A11 and where do I need to calculate those so that I can work on that easily before putting in Excel?
![**Project Steps:**
1. Ricardo and Miranda Ramos are considering whether to buy their first home and have spoken to three lenders about taking out a mortgage for the house purchase. They now pay $1,500 per month in rent and can pay up to $1,600 per month for a mortgage. Miranda has created an Excel worksheet to compare the terms of the mortgage. She asks you to help her complete the analysis of their loan options.
Go to the Mortgage Calculator worksheet. The cells in the range B5:B7 have defined names, but one is incomplete and could be confusing. Cell A2 also has a defined name, which is unnecessary for a cell that will not be used in a formula.
Update the defined names in the worksheet as follows:
a. Delete the Loan_Payment_Calculator defined name.
b. For cell B7, edit the defined name to use Loan_Amt as the name. [Mac Hint: Delete the existing defined name "Loan_Am" and add the new defined name.]
2. In cell B7, calculate the loan amount by entering a formula without using a function that subtracts the Down_Payment from the Price.
3. Miranda also wants to use defined names in other calculations to help her interpret the formulas.
In the range D3:D7, create defined names based on the values in the range C3:C7.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7b9bc12-9bec-475d-bc99-e13d2a9b76e2%2F6d9185c6-f0bd-41e8-8334-7f3ed12cda6e%2Fx4tux2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Project Steps:**
1. Ricardo and Miranda Ramos are considering whether to buy their first home and have spoken to three lenders about taking out a mortgage for the house purchase. They now pay $1,500 per month in rent and can pay up to $1,600 per month for a mortgage. Miranda has created an Excel worksheet to compare the terms of the mortgage. She asks you to help her complete the analysis of their loan options.
Go to the Mortgage Calculator worksheet. The cells in the range B5:B7 have defined names, but one is incomplete and could be confusing. Cell A2 also has a defined name, which is unnecessary for a cell that will not be used in a formula.
Update the defined names in the worksheet as follows:
a. Delete the Loan_Payment_Calculator defined name.
b. For cell B7, edit the defined name to use Loan_Amt as the name. [Mac Hint: Delete the existing defined name "Loan_Am" and add the new defined name.]
2. In cell B7, calculate the loan amount by entering a formula without using a function that subtracts the Down_Payment from the Price.
3. Miranda also wants to use defined names in other calculations to help her interpret the formulas.
In the range D3:D7, create defined names based on the values in the range C3:C7.
Transcribed Image Text:**New House Mortgage Calculator**
- **Date:** 10/1/2021
- **Property:** Beecher Street
- **Term in Months:** 360
- **Price:** $350,000
- **Monthly Payment:** $1,562.55
- **Down Payment:** $35,000
- **Total Interest:** $247,516.76
- **Loan Amount:** $315,000
- **Total Cost:** $597,517
### Varying Interest Rates and Terms
| **Rate** | **180** | **240** | **360** |
|----------|---------|---------|---------|
| 4.00% | $2,230.02 | $1,909.84 | $1,503.86 |
| 4.02% | $2,233.66 | $1,913.71 | $1,507.83 |
| 4.04% | $2,237.32 | $1,917.59 | $1,511.82 |
| 4.06% | $2,241.00 | $1,921.49 | $1,515.82 |
| 4.08% | $2,244.69 | $1,925.39 | $1,519.83 |
| 4.10% | $2,248.40 | $1,929.31 | $1,523.85 |
| 4.12% | $2,252.12 | $1,933.24 | $1,527.89 |
| 4.14% | $2,255.86 | $1,937.18 | $1,531.94 |
| 4.16% | $2,259.61 | $1,941.13 | $1,536.00 |
| 4.18% | $2,263.37 | $1,945.10 | $1,540.07 |
| 4.20% | $2,267.16 | $1,949.08 | $1,544.16 |
| 4.22% | $2,270.96 | $1,953.07 | $1,548.25 |
| 4.24% | $2,274.77 | $
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