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 range D$4$:D$8,$ create defined names based on the values in the range $C4$:$C8.$

$4.$ 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$6,$ start to enter a formula using the PMT function.

b$.$ For the rate argument, divide the Rate by $12$ to use the monthly interest rate.

c$.$ For the nper argument, use the Term$\_$in$\_$Months to specify the number of periods.

d$.$ For the pv argument, use the Loan$\_$Amount 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.

$5.$ In cell $D7,$ enter a formula without using a function that multiples the Monthly$\_$Payment by the Term$\_$in$\_$Months and then subtracts the Loan$\_$Amount from the result to determine the total interest.

$6.$ In cell D$8,$ enter a formula without using a function that adds the Price to the Total$\_$Interest to determine the total cost.