the test of Intro to Computer Applications - Business Finance
Open the downloaded workbook file ExcelTest.xlsx. Save the file often as you work. The worksheet contains information about mortgage loans for customers of Regional Bank. Regional Bank sets the annual percentage rates (interest rates) for mortgage loans based on the term of the loan (in years).Loans with a term of 0 years up to 10 years have an APR (annual percentage rate) of 6.0\%. Loans with a term of 10 years up to 15 years have an APR (annual percentage rate) of 8\%. Loans with a term of 15 years and more have an APR (annual percentage rate) of 9\%. This is depicted in the table in the range A13:B15. In cell D7, return the APR for the borrower. Copy the formula for the other loans (copy without editing). (2 pts.)The required down payment is a percentage of the selling price. This \% is stored in cell D4.The amount to be financed is calculated by subtracting the required down payment from the selling price. In cell E7, return the amount to be financed. Copy the formula for the other loans (copy without editing). (2 pts.)In cell F7, return the monthly payment based on the number of payments per year and the number of years. Copy the formula for the other loans (copy without editing). (2 pts.)The Regional Bank has determined that any customer who buys a home with a loan term below an upper limit or “loan term ceiling” of 13 (stored in cell B4) must buy insurance. In cell G7, write the formula that determines whether a customer requires insurance or not (a simple “Yes” or “No” is sufficient). Copy the formula for the other loans (copy without editing). (2 pts.)In cell B18, return a count of the loan terms greater than 20 years. (1 pt.)In cell B21, return today’s date and time. (1 pt.)In cell B23 Type your full name.In cell B24 type your Banner IDSave and close the Excel file.
exceltest.xlsx
exceltest___instructions.docx
Unformatted Attachment Preview
A
B
C
D
E
F
G
1
Regional Bank - New
2 Loans
Payment
type
3
4 Loan Term Ceiling
5
6
7
8
9
10
11
Customer
Jones A
Smith A
Lopez A
Wang A
\% required
Down
13 Payment
Selling Price
$265,354.00
$328,788.00
$500,000.00
$112,485.00
Annual Interest Rate
12 Loan Term (Years)
13
0
0.06
14
10
0.08
15
15
0.09
16
17 Loan Statistics
Count of Loan Terms
Greater Than 20
18 years
19
20
Todays Date and
21 Time
22
23 Name
24 Banner (A) Number
25\% Monthly
Annual
Loan Term percentage Amount to
(Years)
Rate
be Financed
25
15
22
10
Number of
payments
per year
12
Monthly
Payment
Buy
Insurance?
CISY1225
Excel Test
You may not have any notes, books, or electronic files to assist you during the test.
Read the instructions carefully. Fill in the grey boxes using formulas and functions learned in class. Do
not embed constant numbers in formulas or functions – use cell references instead. Formulas or
functions to be copied should be constructed so that they may be copied without further editing (i.e. the
use of $ to lock cell references if required).
Open the downloaded workbook file ExcelTest.xlsx. Save the file often as you work. The worksheet
contains information about mortgage loans for customers of Regional Bank.
Regional Bank sets the annual percentage rates (interest rates) for mortgage loans based on the term of the
loan (in years). Loans with a term of 0 years up to 10 years have an APR (annual percentage rate) of
6.0\%. Loans with a term of 10 years up to 15 years have an APR (annual percentage rate) of 8\%. Loans
with a term of 15 years and more have an APR (annual percentage rate) of 9\%. This is depicted in the
table in the range A13:B15.
1.
In cell D7, return the APR for the borrower. Copy the formula for the other loans (copy without
editing). (2 pts.)
2.
The required down payment is a percentage of the selling price. This \% is stored in cell D4. The
amount to be financed is calculated by subtracting the required down payment from the selling price.
In cell E7, return the amount to be financed. Copy the formula for the other loans (copy without
editing). (2 pts.)
3.
In cell F7, return the monthly payment based on the number of payments per year and the number of
years. Copy the formula for the other loans (copy without editing). (2 pts.)
4.
The Regional Bank has determined that any customer who buys a home with a loan term below an
upper limit or “loan term ceiling” of 13 (stored in cell B4) must buy insurance. In cell G7, write the
formula that determines whether a customer requires insurance or not (a simple “Yes” or “No” is
sufficient). Copy the formula for the other loans (copy without editing). (2 pts.)
5.
In cell B18, return a count of the loan terms greater than 20 years. (1 pt.)
6.
In cell B21, return today’s date and time. (1 pt.)
7.
In cell B23 Type your full name. In cell B24 type your Banner ID
8.
Save and close the Excel file.
9.
When completed, submit (upload) the file to Brightspace by following the instructions below:
Click the Assessments link at the top of the page and select Dropbox > Click the link Excel Test Formulas and Functions’ > Attach your completed ExcelTest.xlsx file by a) clicking the ‘Add a File
button, b) clicking the ‘Upload’ button, c) navigating to the file on your computer to select it, and d)
clicking the ‘Add’ button to complete the upload process. At the bottom of the page click the Submit
button. Finally, click the ‘Done’ button.
...
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