Loan Lookup

When you finish this exercise you should For this exercise, you are going to build a generic spreadsheet to compute loans where the interest rate and the number of years financed depends on the applicant's credit rating. I am reasonably sure that your credit score impacts the terms of a loan. example

In this worksheet all values except for those provided and the gray boxes should be calculated.

  1. Start excel.
  2. Save your work
  3. Download this workbook
  4. Enter your name in B1
  5. Enter a credit rating between 300 and 850 in B2
  6. Using the credit score in B2 and the Credit Score Table, compute your Credit Ranking in cell B3
  7. Enter a loan amount in cell B5.
  8. Using the credit ranking in B3 and the Credit Table, compute the required down payment percent in cell B6
  9. Compute the down payment in cell B7
  10. Compute the amount financed in cell B9
  11. Using the Credit rating and the Credit Table, compute the interest rate in cell B11
  12. Using the credit rating and the Credit Table, compute the Years in cell B12
  13. Compute the monthly payment in cell B14.
  14. Make sure all cells are properly formatted.
  15. Change your credit score and make sure that the computation changes.
  16. Change your amount financed and make sure that the computation changes.
  18. Save your work.
  19. Submit your saved document to the Loan Lookup folder in the Assignment section of D2L for this class.