Having trouble with numbers 4-8. If someone could explain the formulas & explanation that would be great! Thanks!
A B D E F G H 1 FICO Scores Credit Card Excellent or Good Credit Auto Trans Union Average FICO Score Equifax Fico Score Interest Experian Fico Score . Interest 2 Consumer Credit Worthiness Fair Fico Score Mortgage Approval TRUE Rate 24.99% Rating? FALSE Rate 3 Johnson 663 638 655 652 4 Brown 698 702 715 705 Good TRUE TRUE 580 555 570 568 Poor FALSE TRUE 5 Lundgren 6 Hoover 7 Jerico 480 500 440 473 Bad FALSE TRUE 715 725 763 734 Good TRUE TRUE 8 Chen 520 590 550 553 Poor FALSE TRUE 9 Li 775 800 825 800 Excellent TRUE TRUE 10 Zhen 712 725 700 712 Good TRUE TRUE 11 Ross 763 755 740 753 Excellent TRUE TRUE 12 Hensley 300 302 300 301 FALSE FALSE N/A Bad 13 Lawrence 550 420 500 490 FALSE TRUE 14 Seever 392 500 850 581 Poor FALSE TRUE 523 Poor FALSE TRUE 15 Masters 550 520 500 16 All Consumers can get approved for a Mortgage Loan (T/F) 17 5 or more Consumers have excellent or good credit. (T/F) 18 19 5. Write a formula in cell FICO Scores'!13, which can be copied down, to determine if the consumer can only be approved for a credit card with an interest rate of 24.99% (which is a really high interest rate). If the consumer's average credit score is between and inclusive of 300 and 669, display the 24.99% interest rate, otherwise display the word, N/A. (Use an IF function to obtain the answer.) 6. Write a formula in cell 'FICO Scores'!J3, which can be copied down, to determine the consumer's interest rate that can be used to obtain a new auto loan, based on their FICO credit worthiness. If the consumer has excellent credit, their interest rate will be 5.07%, Good credit will receive an interest rate of 6.02%, etc. (The interest rate criteria is based on the New Auto Interest Rate table located in the Credit Ranges worksheet.) 7. Write a formula in cell 'FICO Scores'!G16 to determine (T/F) if all consumers can get approved for a mortgage loan. 8. Write a formula in cell FICO Scores'!G17 to determine (T/F) if 5 or more consumers have Excellent or Good credit. A B D E F G H 1 FICO Scores Credit Card Excellent or Good Credit Auto Trans Union Average FICO Score Equifax Fico Score Interest Experian Fico Score . Interest 2 Consumer Credit Worthiness Fair Fico Score Mortgage Approval TRUE Rate 24.99% Rating? FALSE Rate 3 Johnson 663 638 655 652 4 Brown 698 702 715 705 Good TRUE TRUE 580 555 570 568 Poor FALSE TRUE 5 Lundgren 6 Hoover 7 Jerico 480 500 440 473 Bad FALSE TRUE 715 725 763 734 Good TRUE TRUE 8 Chen 520 590 550 553 Poor FALSE TRUE 9 Li 775 800 825 800 Excellent TRUE TRUE 10 Zhen 712 725 700 712 Good TRUE TRUE 11 Ross 763 755 740 753 Excellent TRUE TRUE 12 Hensley 300 302 300 301 FALSE FALSE N/A Bad 13 Lawrence 550 420 500 490 FALSE TRUE 14 Seever 392 500 850 581 Poor FALSE TRUE 523 Poor FALSE TRUE 15 Masters 550 520 500 16 All Consumers can get approved for a Mortgage Loan (T/F) 17 5 or more Consumers have excellent or good credit. (T/F) 18 19 5. Write a formula in cell FICO Scores'!13, which can be copied down, to determine if the consumer can only be approved for a credit card with an interest rate of 24.99% (which is a really high interest rate). If the consumer's average credit score is between and inclusive of 300 and 669, display the 24.99% interest rate, otherwise display the word, N/A. (Use an IF function to obtain the answer.) 6. Write a formula in cell 'FICO Scores'!J3, which can be copied down, to determine the consumer's interest rate that can be used to obtain a new auto loan, based on their FICO credit worthiness. If the consumer has excellent credit, their interest rate will be 5.07%, Good credit will receive an interest rate of 6.02%, etc. (The interest rate criteria is based on the New Auto Interest Rate table located in the Credit Ranges worksheet.) 7. Write a formula in cell 'FICO Scores'!G16 to determine (T/F) if all consumers can get approved for a mortgage loan. 8. Write a formula in cell FICO Scores'!G17 to determine (T/F) if 5 or more consumers have Excellent or Good credit
