PROJECT STEPS

$1.$ Liam Richardson is the business manager for the Smith & Lyngate Insurance agencies in the state of Maryland. Liam is interested in increasing the number of agents in Baltimore and plans to buy an office building for the new operation. He has asked for your help in creating a loan analysis that summarizes information about the loans to cover the cost of the building.

Go to the Loan Calculator worksheet. The cells in the range B$6$:B$8$ have defined names, but one is incomplete and could be confusing. Cell A$2$ also has a defined name, which is unnecessary for a cell that will not be used in a formula.

Update the defined names in the worksheet as follows:

a$.$ Delete the Loan$\_$Calculator defined name.

b$.$ For cell B$8,$ edit the defined name to use Loan$\_$Amount as the name.

$2.$ In cell B$8,$ calculate the loan amount by entering a formula without using a function that subtracts the Down$\_$Payment from the Price.

$3.$ Liam also wants to use defined names in other calculations to help him interpret the formulas.

In the