BIS 155 Course Great Wisdom / tutorialrank.com BIS 155 Course Great Wisdom / tutorialrank.com | Page 22

C.
Calculate the amount to be financed by subtracting the down
payment from the selling price. Enter the formula in column F.
D.
Use a PMT function to determine the monthly payments in
column G. You should assume that the payment is being made at the
beginning of the month. Remember that the Interest Rate being
shown is an annual percentage rate (APR), yet the payments are
being made monthly. Be sure to make your adjustment to the
interest rate for this. In addition, the term of the loan is being shown
in years. Be sure to adjust the years to months in your PMT function
argument.
E.
Use appropriate formulas and functions to calculate our loan
statistics for the month.
•

Number of Loans

•

Lowest Amount Financed

•

Total Amount Financed

•

Highest Amount Financed

Step 3: Format the Worksheet

Now that you have finished the calculations, you must format the
worksheet in a professional manner suitable for delivering to the
Board of Directors. Your final worksheet will look something like the
worksheet below.
A.
Format all money figures as currency with two decimals and all
percentages as percents.