Compute the monthly cost of insurance.

  1. Open the start file EX2019-ChallengeYourself-3-3. The file will be renamed automatically to include your name. Change the project file name if directed to do so by your instructor, and save it.
  2. If the workbook opens in Protected View, click the Enable Editing button in the Message Bar at the top of the workbook so you can modify it.
  3. The registration fee information in cells B11:C17 on the Data sheet will be used in lookup formulas later in this project. Name the range RegistrationFees to make it easier to use later.
  4. Return to the Purchase worksheet.
  5. Calculate the average MPG for each vehicle.
    1. Enter a formula in cell C10 using the AVERAGE function to calculate the average value of C8:C9. Use only one argument.
    2. Copy the formula to the appropriate cells for the other vehicles.
    3. Excel will detect a possible error with these formulas. Use the SmartTag to ignore the error. Hint: Use the SmartTag while cells C10:F10 are selected and the error will be ignored for all the selected cells.
  6. Calculate the registration fee for each vehicle.
    1. Enter a formula in cell C13 to look up the registration fee for the first vehicle. Use the vehicle type in cell C4 as the Lookup_value argument. Use the RegistrationFees named range as the Table_array argument. The registration fees are located in column 2 of the data table. Require an exact match.
    2. Copy the formula to the appropriate cells for the other vehicles.
  7. Determine whether or not you will need a loan for each potential purchase.
    1. In cell C15, enter a formula using an IF function to determine if you need a loan. Your available cash is located on the Data sheet in cell A3. If the price of the car is less than or equal to your available cash, display “no”. If the price of the car is more than your available, cash, display “yes”. Use absolute references where appropriate—you will be copying this formula across the row.
    2. Copy the formula to the appropriate cells for the other vehicles.
  8. Calculate how much you would need to borrow for each purchase.
    1. In cell C16, enter a formula to calculate the price of the vehicle minus your available cash (from cell A3 in the Data worksheet). Use absolute references where appropriate—you will be copying this formula across the row.
    2. Copy the formula to the appropriate cells for the other vehicles.
  9. Calculate the monthly payment amount for each loan.
    1. In cell C20, enter a formula using the PMT function to calculate the monthly loan payment for the first vehicle.Hint: Divide the interest rate by 12 in the Rate argument to reflect monthly payments.
    2. Hint: Multiply the number of years by 12 in the Nper argument to reflect the number of monthly payments during the life of the loan.Hint: Use a negative value for the loan amount in the Pv argument so the payment amount is expressed as a positive number.
    3. Copy the formula to the appropriate cells for the other vehicles.
  10. Compute the monthly cost of gas.
    1. In cell C21, enter a formula to calculate the number of miles you expect to drive each month. Divide the value of number of miles (cell A5 from the Data sheet) by the average MPG for the vehicle multiplied by the price of a gallon of gas (cell A6 from the Data sheet).
    2. Copy the formula to the appropriate cells for the other vehicles.
    3. If cells D21:F21 display an error or a value of 0, display formulas and check for errors.
    4. If you still can’t find the error, try displaying the precedent arrows.
    5. Hint: The references to the cells on the Data sheet should use absolute references. If they do not, the formula will update incorrectly when you copy it across the row.
  11. Compute the monthly cost of maintenance.
    1. In cell C22, enter a formula to calculate the monthly maintenance cost: Divide cell C12 by 12.
    2. Copy the formula to the appropriate cells for the other vehicles.
  12. Compute the monthly cost of insurance.
    1. In cell C23, enter a formula to calculate the monthly insurance cost: Divide cell C14 by 12.
    2. Copy the formula to the appropriate cells for the other vehicles.
  13. In cells C24:F24, compute the total the monthly cost for each vehicle.
  14. Determine which vehicles are affordable.
    1. In cell C26, enter a formula using the IF function to display “yes” if the total monthly cost (cell C24) is less than or equal to the total monthly amount available for vehicle expenses (Data sheet, cell A4). Display “no” if the total monthly cost is not less than or equal to the total monthly amount available.
    2. Copy the formula to the appropriate cells for the other vehicles.
    3. Display formulas and use the error checking skills learned in this lesson to track down and fix any errors.
  15. Complete the Analysis section using formulas with statistical functions. Use named ranges instead of cell references in the formulas.
    1. Price
    2. MPG City
    3. MPG Highway
    4. Average MPG
    5. Maintenance/Year
    6. Registration Fee
    7. Insurance/Year
    8. Amount to Borrow
    9. APR
    10. Years
    11. Loan Payment
    12. Gas
    13. Maintenance/Month
    14. Insurance/Month
    15. Total Monthly
  • Hint: Select cells B7:F24 and use Excel’s Create from Selection command to create named ranges for each row using the labels at the left side of the range as the names.
  • Hint: Open the Name Manager and review the names Excel created. Notice that any spaces or special characters in the label names are converted to _ characters in the names.
  • Hint: To avoid typos as you create each formula, try using Formula AutoComplete to select the correct range name.
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