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PROJECT STEP 1. Justin and Kaleen Millowski have always dreamed of purchasing and running a campground. Kaleen wants to be ready when a campground becomes
PROJECT STEP 1. Justin and Kaleen Millowski have always dreamed of purchasing and running a campground. Kaleen wants to be ready when a campground becomes available, so she decides to start calculating how a mortgage will impact her family's budget on a monthly basis and over the life of the loan. She also wants to consider how different mortgage interest rates wil impact the total cost of the campground 2. Switch to the Campground Mortgage worksheet. 3. In cell D5, create a formula using the PMT function to determine the monthly payments for the anticipated Campground mortgage, using the defined names Rate Term_ Years, and Loan Amount as the rate, nper, and pv arguments in the formula a. Put a negative sign before the PMT function to make the formula return a positive value b. In the function, Rate should be divided by 12 to calculate the monthly multiplied by 12 to monthly payments. interest rate, and Term Years should be calculate the total number of 4. Kaleen calculated the anticipated total cost of the campground using the mortgage interest rate she expects to qualify for. She now wants to determine how different interest rates could impact the PROJECT STEP 1. Justin and Kaleen Millowski have always dreamed of purchasing and running a campground. Kaleen wants to be ready when a campground becomes available, so she decides to start calculating how a mortgage will impact her family's budget on a monthly basis and over the life of the loan. She also wants to consider how different mortgage interest rates wil impact the total cost of the campground 2. Switch to the Campground Mortgage worksheet. 3. In cell D5, create a formula using the PMT function to determine the monthly payments for the anticipated Campground mortgage, using the defined names Rate Term_ Years, and Loan Amount as the rate, nper, and pv arguments in the formula a. Put a negative sign before the PMT function to make the formula return a positive value b. In the function, Rate should be divided by 12 to calculate the monthly multiplied by 12 to monthly payments. interest rate, and Term Years should be calculate the total number of 4. Kaleen calculated the anticipated total cost of the campground using the mortgage interest rate she expects to qualify for. She now wants to determine how different interest rates could impact the
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