Circular Reference Practice You have saved school expenses, you know that in all

Question

Circular Reference Practice You have saved school expenses, you know that in all likelihood you will need to incur a student loan to cover expenses that exceed what you have saved. If you do incur a student loan, the money you receive from the loan will be reduced by a 1.5% origination fee charged by the lender. Complete the model to calculate the loan amount that you will need to incur to cover all of your school expenses including the loan fee Task # Points $2500 for school this semester. Although you had hoped that this savings would cover all of your Task Description Calculate the Total Expenses in cell C13. The total ex nclude all of the in the model including the Loan Fee 20 (which you will calculate later) Complete the Surplus/Shortfall calculation. Surplus/Shortfall is the difference between the Money Saved for School and the Total 20 Expenses. (Note that this value will be negative if expenses exceed the savings.) Calculate the Loan amount needed to cover the Total Expenses. The Loan will be zero (0) if the Surplus/Shortfall value is greater calculate the absolute value in Excel using the ABS function.) Calculate the Loan Fee. The Loan Fee is the Loan amount times the Origination Fee. Notice that this creates a circular reference. 3 30than or equal to zero (0). Otherwise, the Loan will be the absolute value of the Surplus/shortfall amount. (Note: you can 4 30Ensure that you modify options in Excel to correctly handle the circular reference. the n

Explanation / Answer

First of all, enable the iterative calculation in excel with the steps mentioned below:

Here are the cell-wise formulas to be placed in the excel

Cell Formula C11 =(C17*C19/100) C13 =SUM(C7:C11) C15 =(C4-C13) C17 =IF(C15>=0,E150, ABS(C15))

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