70.2K

Verified Solution

Link Copied!

not sure what i did wrong need help

Create a formula. 6. In cell D8, enter a formula without using a function that adds the Price (cell B6) to the Total_Interest (cell D7) to determine the total cost. X Create a formula. In the Loan Calculator worksheet, the formula in cell D8 should calculate the total cost of the loan. 7. Liam wants to compare monthly payments for interest rates that vary from 3.95% to 5.15% and for terms Copy Paste BI UB M E E Merge & Center TA % food 00 1000 Conditional Format as Cell Formatting Table Styles Format Painter IN Font Number Alignment Clipboard Styles Total Cost =B6+D7 F G H 1 B D E 1 New Office Building 2 Loan Calculator 3 Loan Payment Calculator 4 Date 9/15/2021 Rate 4.45% 5 Property Charles Street Term in Months 180 6 Price $ 1,150,000 Monthly Payment $7,014.45 7 Down Payment $ 230,000 Total Interest $ 342,601.29 8 Loan Amount $ 920,000 Total Cost $1,492,601.29 + 9 10 Varying Interest Rates and Terms 11 Rate Number of Months 12 $ 7,014 120 180 240 13 3.95% $ 9,292.71 $ 6,782.10 $ 5,550.81 14 4.05% s 9,336.43 $ 6,828.20 $ 5,599.29 15 4.15% $ 9,380.28 $ 6,874.49 S 5,648.00 16 4.25% $ 9,424.25 S 6,920.96 $ 5,696.96 17 4.35% $ 9,468.35 $ 6,967.62 S 5,746.15 18 4.45% $ 9,512.58 $ 7,014.45 $ 5,795.57 19 4.55% $ 9,556.92 7,061.47 $ 5,845.23 20 4.65% S 9,601.40 $ 7,108.67 $ 5,895.13 21 4.75% $ 9,645.99 5 7.156.05 5.945 26 Scenarios Renovation 20 Years 8 Years Loan Amount $1,020,000 $968,938 $ 920,000 Annual Interest Rate 4.45% 4.25% 4.45% Monthly Interest Rate 0.37% 0.35% 0.37% Loan Period in Years 15 20 8 Loan Period in Months 180 240 96 Start Date 1/3/2022 1/3/2022 1/3/2022 Monthly Payment $ (7,777) $ (6,000) $ (8,000) Future Value n/a n/a $ (392,082.42) nint

Answer & Explanation Solved by verified expert

See Answer