Question: Can someone please help me? I have no idea how to do any of this and it's my last assignment Excel Problem 1 Loan Amortization



Can someone please help me? I have no idea how to do any of this and it's my last assignment
Excel Problem 1 Loan Amortization Use the Excel template provided for this problem. Create the spreadsheet necessary to answer the questions on the next page. The formulas are given below. Turn in your Excel file and the answers to the questions on page 2 to the Assignments section of Blackboard. So there are two files to turn in: this Word file and the Excel file Use the Excel template to solve the following problem: Tracey charged $4,800 (cell D3) of stuff to her credit card while Christmas shopping. Her credit card company charges 1.5% (cell D4) interest per month and has a minimum monthly payment of 2.5% (cell D6) of the balance or $20 (cell D7), whichever is greater. Use the template provided to set up the spreadsheet below to determine how many months it will take Tracey to pay off the $4,800 balance on her credit card if she always makes the minimum monthly payment and doesn't charge any additional stuff to her card. USE THE TEMPLATE! 1. Input these formulas for the following cells Cell G10 C11 D11 E11 F11 G11 Formula -D3 -G10 -C11*SD$4 -C11+D11 -IF(E11*SD$6> $D$7,E11*SDS6,IF(SD$KE11,SD$7,E11 E11-F11 2. Select cells C11:G11 (this means all the cells in row 11 from columns C through G). Copy these cells all the way down through Row 244. To copy: See the tiny little box in the bottom right-hand corner of cell G11? Put the fat plus sign on that box until it turns skinny. When it turns to a skinny plus sign, left click and hold, and then drag down to Row 244 3. With the fat plus sign inside one of the highlighted cells, right click. Currency, and two decimal places. Change "Symbol" to None (it might already be set at None) Select Format Cells, 4. Input these formulas for the following cells Cell D245 F245 F247 Formula -SUM(D11:D244) -SUM(F11:F244) -D245/F24 5. Answer the questions on the next page. NOTE: don't look at the Row number when answering the questions, look at the number in Column B Questions A. How many years and months will it take Tracey to pay off her balance? (This is cell B244) I want you to write this in years and months, so if the answer is 30 months, then ur answer should be "2 years and 6 months. B. How much interest did Tracey pay? (This is cell D245) C. What was the total amount Tracey paid to her credit card company? (This is cell F245) D. What percent of the total paid back to the credit card company went towards paying interest? (This is cell F247) After ten years, how much does Tracey still owe the credit card company? (This would be the amount in G130.) E. F. Change cell D3 to S1,000. How many years and months will it take to pay off this balance? Hint: look for the month where column G went to zero. Don't give me the row number...it's the number in column B. Your answer should be in years and months as I instructed you in (A) above. G. Change cell D3 to $500. How many years and months will it take to pay off this balance? Hint: look for the month where column G went to zero. Don't give me the row instructed you in (A) above. Name Box Type your name here Jblem 1 3 Amount charged on credit card: 4 Monthly interest rate: 5 Minimum payment: S4,800.00 1 .50% 2.50%) of balance S20.00 Greater of or Tracey's monthly Interest accrued for the month blank Balance after interest has been added blank Balance at the end of the month Balance at Monthbeginning of month blank blank 12 4 16 18 19 20 21 10 12 13 23 24 25 16
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