Please help! I do not have any other information this is all that was provided to me by my instructor, what do you think is needed?

BOOLEAN, IF, AND STATISTICAL FUNCTIONS-FICO SCORES Lab Objective: 1. Correctly use Boolean, IF, and Statistical functions in Excel. In the 1960's, The Fair, Isaac, and Company (later renamed to The Fair Isaac Corporation) created an algorithm to generate a score (called a FICO score) which lenders could use to assess the risk of their borrowers. This FICO score is now the industry standard when assessing a borrower's credit worthiness. (FICO scores range from 350 to 850. The higher the score, the more credit worthy a person is deemed.) There are three national credit bureaus in the United States that generate a person's FICO score based on the Fair Isaac Corporation's algorithm: Equifax, Experian, and TransUnion. A person's FICO score will be similar across the three but will differ slightly as each bureau collects different information. Also, the data collected may be used in a different manner when calculating the FICO score. For example, to obtain a credit card, such as Capital One or Bank of America, you must have a credit score of 750 or more; whereas, a credit score of 700-749 qualifies you for a Wells Fargo credit card. Many mortgage companies will use the median FICO score of the three bureaus and approval of retail credit cards may allow FICO scores as low as 580. The spreadsheet you will be using for this lab contains fictional credit scores for different consumers. These scores will be used to obtain credit information based on the three credit scores from the respective bureau. 5. Write a formula in cell FICO Scores'!13, 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 550 and 600, 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, to determine the consumer's' interest rate that can be used to obtain an auto loan, based on their FICO credit worthiness. If the consumer has excellent credit, their interest rate will be 2.70%, Good credit will receive an interest rate of 3.67%, 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 more than 5 consumers have excellent credit. A B C D E F G . I J FICO Scores Average FICO Score Auto Interest Credit Worthiness Excellent or Good Credit Rating? FALSE TRUE Credit Card Interest Rate 24.99% Mortgage Approval TRUE Rate 652 Fair 705 Good TRUE 568 Poor FALSE TRUE 473 Bad FALSE TRUE 734 Good TRUE TRUE 553 Poor FALSE TRUE Equifax Trans Union Experian 2 Consumer Fico Score Fico Score Fico Score 3 Johnson 663 638 655 4 Brown 698 702 715 5 Lundgren 580 555 570 6 Hoover 480 500 440 7 Jerico 715 725 763 8 Chen 520 590 550 9 Li 550 500 525 10 Zhen 712 725 700 11 Ross 763 755 740 12 Hensley 230 302 250 13 Lawrence 550 420 500 14 Seever 392 500 875 15 Masters 550 520 500 16 All Consumers can get approved for a Mortgage Loan (T/F) 17 More than 5 Consumers have excellent credit. (T/F) 525 Bad FALSE TRUE 712 Good TRUE TRUE 753 Excellent TRUE TRUE 261 NA FALSE FALSE 490 Bad FALSE TRUE 589 FALSE TRUE Poor Bad 523 FALSE TRUE A B C D E F 1 2 Credit Rating Range Low High Rating 750 800 EXCELLENT 700 749 GOOD 3 4 New Auto Interest Rate Rating Interest BAD 12.42% POOR 10.75% FAIR 5.49% GOOD 3.67% EXCELLENT 2.70% 5 650 699 FAIR 6 550 POOR 649 549 7 300 BAD O BOOLEAN, IF, AND STATISTICAL FUNCTIONS-FICO SCORES Lab Objective: 1. Correctly use Boolean, IF, and Statistical functions in Excel. In the 1960's, The Fair, Isaac, and Company (later renamed to The Fair Isaac Corporation) created an algorithm to generate a score (called a FICO score) which lenders could use to assess the risk of their borrowers. This FICO score is now the industry standard when assessing a borrower's credit worthiness. (FICO scores range from 350 to 850. The higher the score, the more credit worthy a person is deemed.) There are three national credit bureaus in the United States that generate a person's FICO score based on the Fair Isaac Corporation's algorithm: Equifax, Experian, and TransUnion. A person's FICO score will be similar across the three but will differ slightly as each bureau collects different information. Also, the data collected may be used in a different manner when calculating the FICO score. For example, to obtain a credit card, such as Capital One or Bank of America, you must have a credit score of 750 or more; whereas, a credit score of 700-749 qualifies you for a Wells Fargo credit card. Many mortgage companies will use the median FICO score of the three bureaus and approval of retail credit cards may allow FICO scores as low as 580. The spreadsheet you will be using for this lab contains fictional credit scores for different consumers. These scores will be used to obtain credit information based on the three credit scores from the respective bureau. 5. Write a formula in cell FICO Scores'!13, 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 550 and 600, 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, to determine the consumer's' interest rate that can be used to obtain an auto loan, based on their FICO credit worthiness. If the consumer has excellent credit, their interest rate will be 2.70%, Good credit will receive an interest rate of 3.67%, 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 more than 5 consumers have excellent credit. A B C D E F G . I J FICO Scores Average FICO Score Auto Interest Credit Worthiness Excellent or Good Credit Rating? FALSE TRUE Credit Card Interest Rate 24.99% Mortgage Approval TRUE Rate 652 Fair 705 Good TRUE 568 Poor FALSE TRUE 473 Bad FALSE TRUE 734 Good TRUE TRUE 553 Poor FALSE TRUE Equifax Trans Union Experian 2 Consumer Fico Score Fico Score Fico Score 3 Johnson 663 638 655 4 Brown 698 702 715 5 Lundgren 580 555 570 6 Hoover 480 500 440 7 Jerico 715 725 763 8 Chen 520 590 550 9 Li 550 500 525 10 Zhen 712 725 700 11 Ross 763 755 740 12 Hensley 230 302 250 13 Lawrence 550 420 500 14 Seever 392 500 875 15 Masters 550 520 500 16 All Consumers can get approved for a Mortgage Loan (T/F) 17 More than 5 Consumers have excellent credit. (T/F) 525 Bad FALSE TRUE 712 Good TRUE TRUE 753 Excellent TRUE TRUE 261 NA FALSE FALSE 490 Bad FALSE TRUE 589 FALSE TRUE Poor Bad 523 FALSE TRUE A B C D E F 1 2 Credit Rating Range Low High Rating 750 800 EXCELLENT 700 749 GOOD 3 4 New Auto Interest Rate Rating Interest BAD 12.42% POOR 10.75% FAIR 5.49% GOOD 3.67% EXCELLENT 2.70% 5 650 699 FAIR 6 550 POOR 649 549 7 300 BAD O