a$.$ In cell H$17,$ use the Error Checking command to identify the error in the cell.

b$.$ Correct the error to total the values in the range C$17$:G$17.$ In a later step, you will calculate the interest and principal in the range C$17$:G$18$ to remove the remaining errors.

$2.$ Correct the #VALUE! errors in the worksheet as follows:

a$.$ Use Trace Precedents arrows to find the source of the #VALUE! error in cell C$20.$

b$.$ Correct the formula in cell C$20,$ which should divide the remaining principal $($cell C$19)$ by the loan amount $($cell D$5)$ to find the percentage of remaining principal.

c$.$ Fill the range D$20$:G$20$ with the formula in cell C$20$ to correct the remaining #VALUE! errors.

d$.$ Remove any remaining trace arrows.

$3.$ Now Pranjali is ready to calculate the annual principal and interest payments for the medical van. Start by calculating the cumulative interest payments as follows:

a$.$ In cell C$17,$ enter a formula using the CUMIPMT function to calculate the cumulative interest paid on the loan for Year $1($payment $1$ in cell C$15$ through payment $12$ in cell C$16).$ Use $0$ as the type argument in your formula because payments are made at the end of the period.

b$.$ Use absolute references for the rate, nper, and pv arguments, which are listed in the range D$5$:D$11.$

c$.$ Use relative references for the start and end arguments.

d$.$ Fill the range D$17$:G$17$ with the formula in cell C$17$ to calculate the interest paid in Years $25$ and the total interest.

$4.$ Calculate the cumulative principal payments as follows:

a$.$ In cell C$18,$ enter a formula using the CUMPRINC function to calculate the cumulative principal paid for Year $1($payment $1$ in cell C$15$ through payment $12$ in cell C$16).$ Use $0$ as the type argument in your formula because payments are made at the end of the period.

b$.$ Use absolute references for the rate, nper, and pv arguments, which are listed in the range D$5$:D$11.$

c$.$ Use relative references for the start and end arguments.

d$.$ Fill the range D$18$:G$18$ with the formula in cell C$18$ to calculate the principal paid in Years $25$ and the total principal.

$5.$ Go to the Depreciation worksheet. Pranjali needs to correct the errors on this worksheet before she can perform any depreciation calculations.

Correct the errors as follows:

a$.$ Use Trace Dependents arrows to determine whether the #VALUE! error in cell D$12$ is causing the other errors in the worksheet.

b$.$ Use Trace Precedents arrows to find the source of the error in cell D$12.$

c$.$ Correct the error so that the formula in cell D$12$ calculates the cumulative straight$-$line depreciation of the medical van by adding the Cumulative depreciation value in Year $1$ to the Annual depreciation value in Year $2.$

$6.$ Pranjali wants to compare straight$-$line depreciation amounts with declining balance depreciation amounts to determine which method is more favorable for the hospital's balance sheet. In the range D$5$:D$7,$ she estimates that the Neighborhood Nurse program will have $$234,000$ in tangible assets at startup, and that the useful life of these assets is seven years with a salvage value of $$37,440.$

Start by calculating the straight$-$line depreciation amounts as follows:

a$.$ In cell C$11,$ enter a formula using the SLN function to calculate the straight$-$line depreciation for the medical van during its first year of operation.

b$.$ Use absolute references for the cost, salvage, and life arguments in the SLN formula.

c$.$ Fill the range D$11$:I$11$ with the formula in cell C$11$ to calculate the annual and cumulative straight$-$line depreciation in Years $27.$

$7.$ Calculate the declining balance depreciation amounts for the medical van as follows:

a$.$ In cell C$18,$ enter a formula using the DB function to calculate the declining balance depreciation for the medical van during its first year of operation.

b$.$ Use Year $1($cell C$17)$ as the current period.

c$.$ Use absolute references only for the cost, salvage, and life arguments in the DB formula.

d$.$ Fill the range D$18$:I$18$ with the formula in cell C$18$ to calculate the annual and cumulative declining balance depreciation in Years $27.$

$8.$ Pranjali also wants to determine the depreciation balance for the first year and the last year of the useful life of the medical van.

Determine these amounts as follows:

a$.$ In cell E$22,$ enter a formula using the SYD function to calculate the depreciation balance for the first year.

b$.$ Use Year $1($cell C$17)$ as the current period.

c$.$ In cell E$23,$ enter a formula using the SYD function to calculate the depreciation balance for the last year.

d$.$ Use Year $7($cell I$17)$ as the current period.