Hello I recently completed this assignment, but wanted to make sure I am doing it right. Any help on these questions for clarification would be greatly appreciated. Thanks

1. Click on the Problem 1 worksheet. We are going to use goal seek to figure out what kind of interest rate we need to be able to afford the house we want to buy. Assume that the house is going to cost $175,000 and you plan on taking out a 30-year mortgage. You cannot afford a monthly payment any higher than $950.00. Using goal seek to determine the interest rate, what must the interest rate be in order to achieve a payment of $950? Hint: I have already typed in the PMT formula in Cell B4, so dont replace it by typing in the value of $950 you need to use goal seek to handle this.

1. Click on the Problem 2 worksheet it will be blank since you need to create the entire solution to learn how to set up goal seek type problems. This goal seek problem is going to ask you to figure out the breakeven point on a product, e.g. where the revenue = costs. You are thinking about selling a new T-Shirt to promote the awesome CS class. You plan on selling the shirt for $14.00. Each shirt costs $12 to make (think of this as a variable cost dependent on the number of shirts made). In addition, there is an $1800 cost to set up the printing regardless of how many shirts are printed (think of this as a fixed cost independent of the number of shirts made). Set up a spreadsheet that shows the two cost components and the revenue component. Then set up a blank cell for the number of units that must be sold (the goal seek will fill this number in). Finally, you will need to set up a profit formula that determines how much money is made or lost based on the value in the units cell.

1 Loan Amount 2 Term In Months 3 Interest Rate 4 Payment 5 #NUM! --PMT(B3/12,B2,B1)