In cell B15, insert the RATE function to calculate the necessary monthly rate given the NPER, proposed monthly payment, and loan. Make sure the result is positive. 21 Finally, you want to convert the monthly rate to an APR. In cell B16, insert a formula to calculate the APR for the monthly rate in cell B15. 22 Insert a footer on all sheets with your name on the left side, the sheet name code in the center, and the file name code on the right side. 23 Save and close Exp 19_Excel_Ch07 CapAssessment_Shipping.xlsx. Exit Excel. Submit the

Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
icon
Related questions
Question
100%
In cell B15, insert the RATE function to calculate the necessary monthly rate given the NPER,
proposed monthly payment, and loan. Make sure the result is positive.
Finally, you want to convert the monthly rate to an APR.
In cell B16, insert a formula to calculate the APR for the monthly rate in cell B15.
22
Insert a footer on all sheets with your name on the left side, the sheet name code in the
center, and the file name code on the right side.
23
Save and close Exp19_Excel_Ch07_CapAssessment_Shipping.xlsx. Exit Excel. Submit the
file as directed.
21
Transcribed Image Text:In cell B15, insert the RATE function to calculate the necessary monthly rate given the NPER, proposed monthly payment, and loan. Make sure the result is positive. Finally, you want to convert the monthly rate to an APR. In cell B16, insert a formula to calculate the APR for the monthly rate in cell B15. 22 Insert a footer on all sheets with your name on the left side, the sheet name code in the center, and the file name code on the right side. 23 Save and close Exp19_Excel_Ch07_CapAssessment_Shipping.xlsx. Exit Excel. Submit the file as directed. 21
A
E
F
G
H
1 Loan Information
Payment # Beg Balance Interest Principal End Balance
2 Loan (PV)
3 АPR
4 Monthly Rate
$ 75,000.00
$ 75,000.00
$
$
1
5.00%
2
0.42%
3
5 Years for Loan
6
4
6 NPER
72
5
$
7 Monthly Payment
$1,207.87
$
8
9 Cumulative Totals after Year 2
$
10 Interest
$
11 Principal Paid
10
$
12
$
$
11
13 What if the goal is $1,150 monthly payment?
14 Monthly Payment
12
$ 1,150.00
13
15 Monthly Rate Needed
16 APR Needed
14
$
15
$
17
16
18
17
$
19
18
20
19
$
21
20
2$
22
21
$
23
22
24
23
$
25
24
$
26
27
28
29
30
31
32
33
34
Week
Stats
Map
Loan
LO
6789
B.
Transcribed Image Text:A E F G H 1 Loan Information Payment # Beg Balance Interest Principal End Balance 2 Loan (PV) 3 АPR 4 Monthly Rate $ 75,000.00 $ 75,000.00 $ $ 1 5.00% 2 0.42% 3 5 Years for Loan 6 4 6 NPER 72 5 $ 7 Monthly Payment $1,207.87 $ 8 9 Cumulative Totals after Year 2 $ 10 Interest $ 11 Principal Paid 10 $ 12 $ $ 11 13 What if the goal is $1,150 monthly payment? 14 Monthly Payment 12 $ 1,150.00 13 15 Monthly Rate Needed 16 APR Needed 14 $ 15 $ 17 16 18 17 $ 19 18 20 19 $ 21 20 2$ 22 21 $ 23 22 24 23 $ 25 24 $ 26 27 28 29 30 31 32 33 34 Week Stats Map Loan LO 6789 B.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 7 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Database System Concepts
Database System Concepts
Computer Science
ISBN:
9780078022159
Author:
Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:
McGraw-Hill Education
Starting Out with Python (4th Edition)
Starting Out with Python (4th Edition)
Computer Science
ISBN:
9780134444321
Author:
Tony Gaddis
Publisher:
PEARSON
Digital Fundamentals (11th Edition)
Digital Fundamentals (11th Edition)
Computer Science
ISBN:
9780132737968
Author:
Thomas L. Floyd
Publisher:
PEARSON
C How to Program (8th Edition)
C How to Program (8th Edition)
Computer Science
ISBN:
9780133976892
Author:
Paul J. Deitel, Harvey Deitel
Publisher:
PEARSON
Database Systems: Design, Implementation, & Manag…
Database Systems: Design, Implementation, & Manag…
Computer Science
ISBN:
9781337627900
Author:
Carlos Coronel, Steven Morris
Publisher:
Cengage Learning
Programmable Logic Controllers
Programmable Logic Controllers
Computer Science
ISBN:
9780073373843
Author:
Frank D. Petruzella
Publisher:
McGraw-Hill Education