Preliminary research on prices

After several years of living with friends after college, you have decided to purchase your first home. After doing some preliminary research on prices, you developed a spreadsheet to calculate your monthly mortgage payment, the total amount to repay the loan, and the total amount of interest you will pay. Your total budget for the home is $150,000 including taxes, closing costs, and other miscellaneous fees. You plan to take $10,000 out of your savings account for a down payment. You are currently investigating loan interest rates at various banks and credit unions. You realize that you may need to find a less expensive home or increase your down payment to reach a monthly payment you can afford. Although you know a larger down payment will change the monthly payment, you want to be able to see the comparisons at the same time. In addition, you want to look at your budget to review the impact of purchasing a new home on your income and expenses. You will use Excel to help create a worksheet to analyze the variables that affect the mortgage payment, the total amount to repay the loan, and the total interest paid. To help you make a decision, you will use several what-if analysis tools, each with specific purposes, benefits, and restrictions. With these tools, you will have a better understanding of how a mortgage payment will affect your overall budget.


Steps to Perform:

Step Instructions Points Possible
1 Download and open the file named Exp19_Excel_Ch06_HOE_Mortgage.xlsx. Grader has automatically added your last name to the beginning of the filename. 0
2 As you complete your mortgage calculations, you would like to use range names to make the formulas easier to understand. Create the range name PurchasePrice for cell B2 and DownPayment for cell B3. 3
3 You have decided to utilize an alternative method of creating range names for the remainder of the variables. Create range names for the range A9:B13 using the create from selection method. 6
4 You would like to edit the previously created named ranges. To do so, you will use the Name Manager. Delete the Monthly_Payment named range. Edit the DownPayment named range so it appears as Down_Payment and edit PurchasePrice to appear as Purchase_Price. 2
5 You would like to apply the newly created named ranges to the existing formulas in the worksheet. Apply defined names to the existing formulas on the Home Loan worksheet. Once completed, named ranges should appear in the cells B12 and B14. 5
6 You would like to document the named ranges by inserting them as a list on a new worksheet. Create a new worksheet named Range Names. Insert the previously created range names on the worksheet starting in cell A2. Set the width of columns A:B to AutoFit. 8
7 As you continue your analysis, you would like to create a one-variable data table to explore the impact of various interest rates on the payment, total interest, and total amount repaid. To complete the table, you will first create substitution values. On the Home Loan sheet, beginning in cell D4, enter substitution values from 4% to 6% increasing in .25% increments, completing the range D4:D12. 5
8 To continue the construction of the one-variable data table, you will add formulas to the table structure. Add a reference to the cell the contains the monthly payment (B12) in cell E3. Add a reference to the cell that contains the total to repay loan in cell F3 (B13), and add a reference to the cell that contains total interest paid (B14) in cell G3. 3
9 Complete the one-variable data table using the APR in cell B4 as the column input. 5
10 You would like to format the one variable data table to add clear labels that are easy to understand. Apply Accounting Number Format to the range E4:G12. Type APR in cell D3. Next, create the following custom formats for the range E3:G3. Cell E3 custom format = Payment Cell F3 custom format = Total Repaid Cell G3 custom format = Total Interest 3
11 You would like to create a two-variable data table to explore the impact of changing interest rates and home costs on the monthly payment. To begin creating the structure of the table, you will enter substitution values for the home cost and interest rate. Enter 150000, 175000, and 200000 in the range J3:L3. Format these values with Accounting Number Format with two decimals. Expand the column width as needed if pound signs (#) appear. Start in cell I4. Complete the series of substitution values ranging from 4% to 8% in increments of .25% vertically down, stopping in cell I20. 5
12 Enter a reference to the monthly payment (B12) in cell I3 and complete the two-variable data table using the cost of the home (cell B2) as the Row Input and the APR (cell B4) as the Column Input. 6
13 As your last step, you would like to create a custom number format for cell I3. In cell I3, apply a Custom number format to display APR. Center and bold the contents in cell I3. 3
14 To continue your analysis, you will use Goal seek to determine the optimal purchase price to obtain the desired monthly payment of $600 without changing the down payment or APR. Use Goal Seek to set the monthly payment (cell B12) to $ 600 by changing the purchase price (cell B2). 0
15 To enhance your analysis you will use Scenario Manager to create best, most likely, and worst case scenarios that can be documented in a scenario summary report. To begin this step, you will start with creating scenarios. Create the following scenarios using Scenario Manager. Best-Case Scenario Changing cells B2:B5 B2 = 150000 B3 = 10000 B4 = 2.25% B5 = 15 Worst-Case Scenario Changing cells B2:B5 B2 = 150000 B3 = 45000 B4 = 6% B5 = 45 Most Likely Scenario Changing cells B2:B5 B2 = 150000 B3 = 30000 B4 = 42.5% B5 = 30 6
16 After creating the three scenarios, you notice an error. You will edit the Most Likely Scenario to correct the mistake. Edit the Most Likely Scenario to reflect the correct interest rate of 4.25% in cell B4. 1
17 You would like to create a Scenario Summary report to document the three scenarios. Create a Scenario Summary report that reflects the range B12:B14. 5
18 You would like to format the Scenario Summary report using the formatting best practices discussed in the text. Delete Column A:B, Row 1, Current Values column. Enter the following values in the respective cells: A5 = Cost of Home A6 = Down Payment A7 = APR A8 = Years A10 = Monthly Payment A11 = Total to Repay Loan A12 = Total Interest Paid 4
19 Although Goal Seek and Scenario Manager were helpful in further analyzing your home purchase, you want to ensure the spreadsheet model imposes constraints on the situation. Therefore, you will continue your analysis by using Solver. Switch back to the Home Loan worksheet. If necessary, load the Solver Add-in. Set Solver to use cell B12 as the Objective and set it to the value of 1000. 3
20 Set Cost of home (B2), Down Payment (B3), APR (B4), and years financed (B5) as the Changing Variable cells, (B2:B5). 4
21 Set constraints that ensure the cost of the home (B2) is between $100,000 and $300,000 (greater than or equal to 100000 and less than or equal to 300000). 4
22 Set constraints to ensure the down payment (B3) is between $5,000 and $10,000 (greater than or equal to 5000 and less than or equal to 10000). 4
23 Set constraints to ensure the APR (B4) is between 4% and 6% (greater than or equal to 4% and less than or equal to 6%). 4
24 Set constraints to ensure the years financed (B5) are between 15 and 30 and are whole numbers. 6
25 Click or press Solve, retain the solution values, and generate an Answer Report.

Get Professional Assignment Help Cheaply

Buy Custom Essay

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Why Choose Our Academic Writing Service?

  • Plagiarism free papers
  • Timely delivery
  • Any deadline
  • Skilled, Experienced Native English Writers
  • Subject-relevant academic writer
  • Adherence to paper instructions
  • Ability to tackle bulk assignments
  • Reasonable prices
  • 24/7 Customer Support
  • Get superb grades consistently

Online Academic Help With Different Subjects


Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.


Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.

Computer science

Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!


While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.


Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.


In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.


Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.


We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!


We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.


Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.

What discipline/subjects do you deal in?

We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.

Are your writers competent enough to handle my paper?

Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.

What if I don’t like the paper?

There is a very low likelihood that you won’t like the paper.

Reasons being:

  • When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
  • We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.

In the event that you don’t like your paper:

  • The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
  • We will have a different writer write the paper from scratch.
  • Last resort, if the above does not work, we will refund your money.

Will the professor find out I didn’t write the paper myself?

Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.

What if the paper is plagiarized?

We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.

When will I get my paper?

You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.

Will anyone find out that I used your services?

We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.

How our Assignment  Help Service Works

1.      Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2.      Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3.      Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4.      Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

smile and order essaysmile and order essay PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!

order custom essay paper