Microsoft Office Tutorials and References
In Depth Information
Cases and Places
Cases and Places continued
•• 4 Saving for a Dream Home
Make It Personal
Find a home in your area that you would like to someday purchase. Based on the estimated current
price of the home, determine how much money you need to save each month so that in seven years,
you have enough to make a down payment of 10% of the current estimated value. Assume that you can
save the money in an account that is getting a 5.75% return. Create a worksheet that determines how
much you have to save each month so that in seven years the value of the account is 10% of the current
estimated value. Hint: Use the FV function with a monthly savings of \$400. Then use the Goal Seek
command to determine the monthly savings amount. Protect the worksheet.
•• 5 Paying Off a Car Loan
Working Together
Jackie Waltrip is retiring from her teaching job, but before leaving her job, she wants to settle her
account with her union’s credit union. Jackie has seven years remaining on a ten–year car loan, with
an interest rate of 10.25% and a monthly payment of \$450.00. The credit union is willing to accept
the present value (PV) of the loan as a payoff. Develop an amortization schedule that shows how much
Jackie must pay at the end of each of the ten years. As a team, use Excel Help to learn more about
present value. Then, design and create a worksheet that includes the beginning and ending balance, the
amount paid on the principal, and the interest paid for years four through ten. Because she has paid for
the three years already, determine only the ending balance (present value) for year three. Submit the
worksheet and a one–page paper on one of the following topics: (1) error checking; (2) elements you
can protect in a workbook; or (3) present value.

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