The purpose of this assignment is to:
Demonstrate your understanding of the use of the PMT function.
Preparation: (Review these terms)
Review the steps in the assignment called “Advantage Loan”
New Terms (Terms are bolded in the steps below)
No new terms for this assignment
From the previous assignment, Advantage Loan, you learned how the PMT function calculates the periodic payment amount for money borrowed. If you want to borrow money to buy a car, a house or a college education, you need to know the Basics: The principle amount, the interest rate and the number of months you wish to borrow. All of this can be put into a formula to quickly determine what your payments will be.
Graphic Loan Assignment
1. Open Graphic Loan Spreadsheet and save it to your storage device by giving it the name Graphic Loan.
2. Complete the worksheet as follows:
- Over the table width, center Graphic Solutions and center the sub-title.
- Adjust the column widths so all information is visible
- Bold all the column headings
- Insert formula for Monthly Payment
- Insert formula for Total Payments
- Insert formula for Total Interest columns
- Box the table
- Put your name two rows below the bottom of the table.
3. Save this worksheet as Graphic Loan
4. Check the rubric below to get your maximum points.
5. Submit your completed Graphic Loan Solution to Blackboard.
6. If you are not taking this course through Blackboard, check with your instructor
Rubric for Graphic Loan Summary