Complete the following exercise from the text Information Systems Today: Managing the Digital World. 6-42 Spreadsheet Request: Travel Loan Facility (page 268)

274 CHAPTER 6 0 ENHANCING BUSINESS INTELLIGENCE USING |N| Three weeks in Western Europe; Price: $3,500; Interest Rate: 5.5%; Time: two years Four weeks in Eastern Europe; Price: $4,000; Interest Rate: 6.0%; Time: two years Four weeks in Western Europe; Price: $5,000; Interest Rate: 6.5%; Time: three years Once you have calculated the payments, calculate the totz amount to be paid for each option as well as the total inte: est you would pay over the course of the loan. Make sure t use formulas for all calculations and print out a professional] formatted page displaying the results and a page displayin the formulas. (Hint: In Microsoft Excel, use the \"PMT\" func tion in the category \"Financial\" to calculate the payments Use Ctrl+' [grave accent] to switch between formula an: data Views; calculate the number of payments before usin the formula.) Team Work Exercise Application Exercises Note: The existing data files referenced in these exercises are available on the different loan packages are available. For a month in book's Web site: www.marsonglobaleditions.com/Valacich. Europe, you have decided to take out a loan. You have . . already taken a look at several offers but are unsure Spreadsheet Appllcatlon: . A! - - whether you can afford 1t. Set up a spreadsheet to Travel Loan FaCIIIty . calculate the payments per month for the followmg situations: Two weeks in Eastern Europe; Price: $2,000; Interest Rate: 5.5%; Time: one year Two weeks in Western Europe; Price: $3,000; Interest Rate: 6.0%; Time: one year Three weeks in Eastern Europe; Price: $3,000; Interest Rate: 6.5%; Time: two years 6-42. A new aspect of the business has been added to Cam- pus Travel. Students can apply for a loan to help pay for their travels. However, loans for travel are available only to students who are traveling outside the country for at least two weeks. Since the costs for this type of international travel differ depending on how you travel, where you stay, and what you do at the destination