EXCEL

Use Boolean (including AND/OR) Functions

Three criteria must be met for a loan to be approved.

1- the projected monthly mortgage amount must be less than 40% of the applicant's monthly gross income. (PMT/Income).

2- the Down payment amount must be at least 10% of the loan amount. 3- the applicant's credit score cannot be below a threshold level (640).

- Discounted interest rate is offered to any customer who has a savings account with the credit union or is willing to have their mortgage payment paid automatically every month.

A Boolean formula could look like this: = M4 >= S4.

This means if that statement is correct, it returns a TRUE, otherwise a FALSE.

- Complete the following: (Use Boolean/AND/OR) Functions)

1- "PMT OK?" - WHEN (PMT/Income) <40%

2- "Down OK?" - WHEN Down payment amount >= 10% of the loan amount

3- "Score OK?" - WHEN the applicant's credit score > a threshold level (640).

4- "Approved?" - WHEN "PMT OK?", "Down OK?", AND "Score OK?" ARE TRUE (use AND function)

5- "Discount?" - WHEN Saving account

Applicant	Credit Score	Loan Amount	PMT/Income	Down Payment	Savings Account	AutoPay?	PMT OK?	Down OK?	Score OK?	Approved?	Discount?
1111	658	$337,000	37%	$47,000	YES	NO
1112	693	$256,300	43%	$25,000	NO	NO
1113	689	$392,700	37%	$43,000	NO	YES
1114	697	$278,600	43%	$27,000	YES	YES
1115	718	$347,100	37%	$45,000	YES	NO
1116	581	$297,900	35%	$14,000	NO	YES
1117	704	$281,700	36%	$30,000	YES	NO
1118	662	$369,700	38%	$36,000	NO	YES
1119	567	$302,600	41%	$51,000	YES	YES
1120	642	$212,200	37%	$14,000	YES	NO
1121	633	$237,700	40%	$45,000	NO	NO
1122	600	$244,600	39%	$39,000	YES	YES
1123	697	$390,900	39%	$43,000	NO	NO
1124	659	$330,700	39%	$52,000	YES	YES
1125	638	$269,700	42%	$43,000	YES	NO
1126	636	$284,800	38%	$31,000	YES	NO
1127	714	$384,200	38%	$65,000	NO	NO
1128	635	$364,500	43%	$21,000	NO	NO
1129	730	$224,100	40%	$29,000	YES	YES
1130	730	$195,100	42%	$13,000	YES	YES
1131	715	$217,500	38%	$41,000	NO	NO
1132	595	$279,100	35%	$27,000	NO	NO
1133	676	$307,200	38%	$36,000	YES	NO
1134	601	$236,500	35%	$37,000	YES	YES
1135	676	$340,400	39%	$44,000	YES	NO
1136	683	$222,900	39%	$37,000	NO	YES
1137	716	$368,000	35%	$55,000	YES	YES
1138	690	$195,700	36%	$25,000	YES	YES
1139	593	$400,300	38%	$24,000	YES	YES
1140	734	$421,700	43%	$29,000	YES	NO