Answer the following questions in the text box of this lab. Reference specific cells in your answers.

How do you calculate the value in G$12,$ Income?

How do you calculate the value in G$56,$ Expenses?

How do you calculate the value in G$59,$ the balance. Hint: the balance is the difference between income and expenses.

Add formulas to the spreadsheet to perform the calculations for $2$A$,2$B$,2$C$.$

Complete the Budget tab, using real data, made up information, or values from a projection into the future, whichever is most helpful to you.

Complete the blue cells in the MortgageCalculator tab using data from research:

Research on the Web to find a reasonable price for a house you might want to buy. Mortgage Loan Amount $($cell D$2)$ is a purchase price of a house. Add the price for your dream house.

Research on the Web to find out the current mortgage interest rate. Interest Rate $($cell D$3)$ is a value that changes week to week. Add today's interest rate.

Loan Term $($Years$)($cell D$4)$ should be left at $30$ years, the standard duration for mortgages.

The Actual Monthly Payment $($cell D$6)$ is the monthly payment you pay to the mortgage company and it can be greater than the minimum monthly payment. Paying more than the minimum monthly payment is often how people pay off their mortgage balance early. Add the monthly payment you decide on$.$

Define a named range called MonthlyHousing, for cell D$6$ by right clicking on it$,$ then 'View more cell actions', then 'Define named range' $.$ By defining a named range, you have assigned the location of the MonthlyHousing variable. You can now refer to this variable in other parts of the workbook.

In the Budget tab's Rent or Mortgage field $($cell G$16),$ reference the variable name MonthlyHousing. Notice how the balance $($cell G$59)$ has changed.