Exp22_Excel_Ch02_ML2 - Vacation Property 1.1 | Excel Ch02 ML2 Vacation Property

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Project Description:
You have been hired as a finance manager at Granger vacation homes, a regional construction company that finances and builds vacation properties. As part of your responsibilities you manage mortgage applications. Your predecessor left a partially created document you will use to calculate various details about each property being financed. You will use the VLOOKUP function to help determine mortgage interest rates, IF statements to calculate down payment, various statistical calculations, and XLOOKUP to create a quick search within the document.




1 Start Excel. Download and open the file named Exp22_Excel_Ch02_ML2_Vacation Property.xlsx. Grader has automatically added your last name to the beginning of the filename.
2 Write an IF function in cell D9 that calculates the down payment for the mortgage. The down payment is 15% of the purchase price if the customer is considered high risk or 5% of the purchase price if considered low risk. The criteria to assess the risk of the loan is based on the credit score value in cell B6. Be sure to use the appropriate absolute or mixed cell references when referencing the input values in the range B4:B6. Then use the fill handle to copy the formula down, stopping in cell D28.
3 Enter a formula to calculate the percent financed in cell E9. The percent financed is the amount financed/purchase price. Next use the fill handle to copy the formula down, stopping cell E28.
4 Enter a formula in cell F9 to calculate the amount financed. The amount financed is the purchase price-down payment. After entering the formula, use the fill handle to copy the formula down, stopping in cell F28.
5 Use the VLOOKUP function in cell G9 to lookup the mortgage rate based on the customer credit score and the data in the range D4:E6. Be sure to use the appropriate absolute or mixed cell references. Use the fill handle to copy the formula down, stopping in cell G28.
6 Calculate the rate per period in cell H9. All mortgages being financed will be paid monthly. After completing the formula, use the fill handle to copy the formula down, stopping in cell H28.
7 Calculate the total number of payment periods in cell J9 based on the years financed in cell I9. After completing the formula, use the fill handle to copy the formula down, stopping in cell J28.