Functions

• As we have discussed
  • There are many functions in excel.
  • It is important to know as many as you can.
  • But you probably can't know all of them.
• Please start excel.
• Arguments
  • These are the things inside of the ()
  • I will sometimes call these parameters
• Functions take different number of required parameters
  • =rand() takes no parameters ever.
  • 
  • =len(text) requires a single parameter, the text we want to find the length of.
  • 
  • =power(base, exponent) requires two two parameters.
  • 
• Some functions have additional parameters.
  • The payment function (=pmt()) will compute the monthly payment for a loan.
  • 
  • By it has three required arguments
    • The periodic interest rate
    • The number of periods
    • The amount borrowed
  • It has two optional parameters (in [] )
    • a future value, or a balance you want after the last payment
    • Payment type, or are you paying at the beginning of a period or at the end.
• Some functions can take multiple arguments
  • the =min() function takes at least one value.
  • 
  • But it can be many values.
  • Normally if it is a single value, it will be a range.
• There are several tools to assist you in using functions
  • On the toolbar, there is the insert function tool.
    • 
    • This will bring up the Insert Function window.
    • You can use this to search for a function
    • 
    • Selecting a function in the insert function window, or starting to type a function in a cell and clicking on the insert function button will bring up the Function Arguments window.
    • 
  • The Formulas tab has a Function Library workgroup that allows you to explore functions.
• Let's calculate your student loan. (Sorry, no on line notes for this, but you could look here
  • Assume $20,000 a year for 4 years.
  • Assume a $10,000 scholarship (over four years)
  • Assume 4.53% annually for 10 years to pay off.
  • Compute the payment
  • Compute an amortization (payoff) table
  • 
  •