ther Functions AVERAGE(number1. number2, COUNT(valuel,value2, ) ) ogical Functio

Question

ther Functions AVERAGE(number1. number2, COUNT(valuel,value2, ) ) ogical Functions AND(logical1, logical2,.. NOT (logical) MAX(numberl, number2, ..) MIN(numberl, number2, ...) SUM(numberl, number2, ..) QR(ogicall, logical2,..) RO inancial Functions EM(rate, npec, pmt, px. type) NPER(rate, pmt, px. fv, type) number.num digits 1. (2 points) Write an Excel formula in cell C6, which can be copied down in cell C7, to determine if Jim has enough money to buy this car from the proceeds of his US savings bond (True/False). Jim's grandmother bought this bond in 1980 (exactly 23 years today) as a gift to Jim. It has accrued 3% interest per year compounded quarterly Case 1 6000 Annual interest rat 4 20000 FALSE Answer: 2. (2 points) Jim has decided to buy the used car. The dealer has offered him the following financing: $125 per month over the next four years. Is this a good deal? Write an Excel formula in cell C8 (not shown) to determine the actual annual interest rate Jim would be paying if he takes this deal. Assume the compounding period is monthly Answer 3, (2 points) Still another option is for Jim to buy the new car now (price in cell B6). He can afford a 10% down payment and the bank will lend him the rest at 4.5% annual interest rate compounded monthly payable over 5 years with a $1000 balloon payment due at the end of the loan period. Write an Excel formula to determine Jim's monthly payment.

Explanation / Answer

1.New Car

Used Car

In the example shown, the formula in C8 is:

How this formula works

The general formula for simple interest is:

So, using cell references, we have:

=C5*C7*C6

=20000*23*0.03

=13800

2. Compound Interest:

$ 125 per month for next four years

3.New car price is 20000

Downpayment is 10%

Then

Next Annual Rate 4.5%

Price $ 1000

Years 5

then

4.Formula to insert login name in excel sheet

=Sheet1!C2

formula for inserting login name in grades sheet

=grades!C2

5.Students earning less than 360 comes under E and those students earn atleast 360.

Students earn less than 420 comes under D

The formula for calculating grade is

if(logical_test,[value_if_true],[value_if_false])

IF(G2<=360,"E",IF(G2<420,"D","F"))

6.to list the name of the student with lowest point score

Just enter the formula =Max (A1:F12) or =Min(A1:F12) in a blank cell, and then press Enter key to get the largest or smallest number in the range, see screenshot: Note: The Max function and Min function can only find out the highest or lowestvalue, but not select the value in ranges.

The formula for finding Lowest point score:Min(A1:F5)

Amount 20000 Interest rate 3.00% Years 23 Interest 13800

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