This preview shows pages 1–2. Sign up to view the full content.
ChE 263
Assignment #2
(Excel HW #2)
Remember: An Excel file is called a
Workbook
.
You can have several
Worksheets
in a
workbook.
For the following, each problem should be done on a separate worksheet,
but each worksheet should be in the same workbook.
You can change the name of a
worksheet (by default it is Sheet1, Sheet2, …) to another name by double clicking on
the Sheet1 name.
1.
( Competency 5.2, 35 points)
Work this problem on a worksheet entitled
Mortgage
.
Assume you are considering purchasing a new car on a 5 year loan.
You are
going to have to borrow $15,000.
Currently, the annual interest rate for a 5 year
mortgages is 6.5%.
a.
Calculate the monthly payment required for this purchase.
b.
Calculate the amount paid to interest and principal
for each payment
.
Also
report the unpaid balance after each payment. You should have an entry
for each of the 60 periods of the loan.
Note that the amount paid to
interest and the amount paid to principal should add up to the monthly
payment for each period.
c.
Now assume that instead of paying just the minimum amount, you are
going to add an extra 1/12 of a payment each month.
This extra portion
goes directly to paying down the principle.
(Hint: See the
“Lesson2_DemosPractice.xlsx” available on blackboard for an example)
This preview has intentionally blurred sections. Sign up to view the full version.
View Full Document
This is the end of the preview. Sign up
to
access the rest of the document.
This note was uploaded on 03/08/2012 for the course CHEM 263 taught by Professor Bradbundy during the Fall '11 term at BYU.
 Fall '11
 BradBundy

Click to edit the document details