Spreadsheet project task

Today is $1$ January $2024.$ Ella used $$200,000$ to purchase a florist business in

Sydney. To operate this business, Ella needs to pay rent, maintenance costs, and

labor costs. Here are the details:

Rent will be paid by the end of each month with an amount of $$2,000.$

Labor cost will be paid by the end of each month with an amount of $$10,000.$

Maintenance cost will be paid by the end of each quarter with an amount of

$$500.$

Ella predicts that this florist franchise initially can have monthly revenue of

$$13,000.$ Assume that Ella can obtain this amount by the end of each month.

Ella forecasts that this revenue amount will increase at the rate of $y\%$ p$.$a$.$

The revenue increase will only happen at the beginning of each year. For

example, this florist franchise initially has monthly revenue of $$13,000$ in $2024.$

Then the revenue amount will become $$13,000(1+y\%)$ per month in $2025$ and

$$13,000(1+y\%{)}^2$ per month in $2026.$

Ella plans to run this business for three years and predicts that she can sell

this business on $1$ January $2027$ with an amount of $$240,000.$

d$.$ Ella is considering to take out a loan of $$10,000$ to fund this promotion service.

The bank has offered three loan options.

Option $1$: Ella needs to make daily payment of $$67\mathrm{.}2$ from $1$ January

$2024$ to $31$ May $2024($inclusive$).$

Option $2$: Ella needs to make monthly payment of $$2,035$ by the end of

each month from January $2024$ to May $2024($inclusive$)$

Option $3$: Ella needs to make five payments by the end of each month

from January $2024$ to May $2024($inclusive$).$ Ella needs to pay $$2,020$ for

January $2024,$ $$2,030$ for February $2024,$ $$2,038$ for March $2024,$ $$2,040$

for April $2024$ and $$2,045$ for May $2024.$

Use Goal Seek to find the implied effective annual rate $($i$.$e$.,j_1)$ charged by

bank for these three loan options $($Assume that there are $365$ days in a year.$).$

Which one is better? Use a bar or column chart to compare the loan repayment

amount of option $2$ and option $3.$ Plot all payments for option $2$ and option

Label this sheet as Part d$.$