This is an excel question.

My main trouble is with the cash flow table, using goal seek to find the occupancy needed to meet expenses, and finding the break-even month.

I still would like to make sure my existing work is correct. Thanks!

Apartment house with eight units is available for purchase at S400,000; it needs $400,000 in renovations. You have great credit and your bank is willing to loan you the money for the apartment building and renovations with only $40,000 down on initial purchase price. Closing costs will be $4600. Insurance is estimated at $8,100 per year. Insurance is paid at the beginning of the year. You will need to have the downpayment, closing costs and prepay a year of insurance at the time of purchase Taxes wll be $10,100. Taxes and insurance are paid monthly into an escrow account. Renovation is estimated to take 9 months. The bank has offered to give you a construction loan covering the purchase price and renovation cost. You only pay interest on the loan for 12 months at 12% annual interest rate (APR). What is the monthly interest on the construction loan? After renovation, the loan will be converted to fifteen-year mortgage at 7% interest. Assume that income from renting starts at the beginning of 13-month and is at 80% of the maximum rent for the eight apartments. Each unit will rent for S1900 per month. Estimated occupancy over the 15 years is 80%. What is the monthly payment on the mortgage? What occupancy rate is needed to cover the loan payment, taxes, and insurance? What is the net present value (NPV) of the investment assuming a discount rate of 2%? When do you break even (i.e., net income equals initial payments)? Create a table showing the monthly cash flow from time 0, when the apartment building is purchased. Help on the NPV function is here 6-4 28 Should you make the investment based on required discount rate to breakeven at the end of 15 years (i.e., what interest rate would a competing investment have to have to equal the apartment house?) Use the internal rate of return (IRR) function to calculate the required interest rate. Help on the ROI function is 88-49