Section B Excel Problem

Mrs$.$ Sweeting is seeking to purchase a watch for her husband and must seek financing through the bank, the banks have high interest rates. Mrs$.$ Sweeting is seeking to find the best rate to fit her needs. A friend advised to visit all of the major lending intuitions and create a Mortgage Evaluation spread sheet to compare. See Diagram below.

The cost of the watch is $$45,000\mathrm{.}00$ calculate the monthly and total cost for each bank. Calculate the MAX, MIN, AVERAGE and the difference in payments. Your monthly payment is expected at the end of each month. Calculate the monthly payment using the $\text{'}$PMT$\text{'}$ formula. If necessary you can convert your answer to a positive value by the use of 'ABS' in your formula when calculating the Monthly Payment. Save and upload your solution along with the show Formula solution on separate sheets.

Mortgages Evaluation

Loan Amount

Years to Repay

Number of Payments

$\backslash$table$[[$Lender Name,Rate,$\backslash$table$[[$Monthly$],[$Payment$]],$Total Cost$],[$Bank of Nassau #$1,3\mathrm{.}25\%,,],[$Bank of Nassau #$2,3\mathrm{.}50\%,,],[$Bank of Nassau #$3,1\mathrm{.}00\%,,],[$Bank of Nassau #$4,1\mathrm{.}50\%,,]]$

Max Monthly Payment

Min Monthly Payment

Average Monthly Payment

Difference in payment