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Update the defined names in the worksheet as follows: a . Delete the Loan _ Calculator defined name. b . For cell B 8 ,
Update the defined names in the worksheet as follows:
a Delete the LoanCalculator defined name.
b For cell B edit the defined name to use LoanAmount as the name.
In cell B calculate the loan amount by entering a formula without using a function that subtracts the DownPayment from the Price.
Liam also wants to use defined names in other calculations to help him interpret the formulas.
In the range D:D create defined names based on the values in the range :
Liam needs to calculate the monthly payment for a loan to purchase the Charles Street property. Calculate the payment as follows:
a In cell D start to enter a formula using the PMT function.
b For the rate argument, divide the Rate by to use the monthly interest rate.
c For the nper argument, use the TerminMonths to specify the number of periods.
d For the pv argument, use the LoanAmount to include the present value.
e Insert a negative sign after the equal sign in the formula to display the result as a positive amount.
In cell enter a formula without using a function that multiples the MonthlyPayment by the TerminMonths and then subtracts the LoanAmount from the result to determine the total interest.
In cell D enter a formula without using a function that adds the Price to the TotalInterest to determine the total cost.
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