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 .