cases and places Excel Chapter 4.pdf

EX 336 #He*B {F:af3t*r"r&, Financial Functions, Data Tables, and Amortization Schedulescases and Places continuedo o 4 Saving for a Dream HomeMake lt PersonalFind a home in yorlr area that you would like to someday purchase. Based on the estimated currentprice of the home, determine how much money you need to save each month so that in seven years,you have enough to make a down paynent of I0% of the current estimated value. Assume that you cansave the money in an account that is getting a 5.7 5% return. Create a worksheet that determines howmuch you have to save each month so that in seven years the value of the account is 10% of the currentestimated vahte. Hint: Use the FV function with a monthly savings of $400. Then use the Goal Seekcommand to determine the monthly savings amount. Protect the worksheet.o o 5 Paying Off a Car LoanWorking liogetherJackie Waltrip is retiring from her teaching job, but before leaving her job, she wants to settle heraccount with her union's credit union. Jackie has seven years remaining on a ten_yer car loan, withan inrerest rate of 10.25% and a monthly pa1'ment of $450.00. The credit union is willing to acceptthe present value (P$ of the loan as a payoff. Develop an amortization schedule that shows how muchJackie must pay at the end of each of the ten years. As a team) use Excel Help to learn more aboutpresent rral.re. Th.n, design and create a worksheet that includes the beginning and ending balance, the,-oont paid on the principal, and the interest paid for years four through ten. Because she has paid forthe three years already, determine only the ending balance (present value) for year three. Submit theworksheei as requested by your instructor and include a one-page paper on one of the following topics:(1) error checking; (2) elements you can protect in a workbook; or (3) present value.