SmartPhone Upgrade
You have just graduated from college and before beginning your first professional job, you would like to purchase a new smartphone. You have the option to purchase the new phone in one payment or make monthly payments by taking advantage of a 36-month flex payment plan. The payment plan charges an APR of 1.75% for the service. Prior to making your payment decision, you would like to make a worksheet to calculate the monthly payment for Consumer Reports’ top three smartphones for young professionals.
1. Start a new Excel workbook, save it as
SmartPhone_LastFirst, and then rename Sheet1 to
FlexPay.
2. Type
Flex Pay Calculator in cell A1. Apply
bold, 20 pt font size.
Blue, Accent 1, font color.
3. Type
Inputs in cell A2. Apply
Thick Outside Borders to the
range A2:C2.
4. Type
APR and
# of payments in the
range A3:A4, and adjust the column width as needed.
5. Type
1.75%, in
cell B3 and
36 in
cell B4. Type
Outputs in
cell A6, Select the
range A6:C6, and apply
Thick Outside Borders.
6. Type
Model in
cell A7,
Price in
cell B7, and
Payment in
cell C7. Next enter the price information listed below in the
range A8:B10. Adjust the column width as needed and apply
Currency Number Format to the
range B8:C10.
|
Example Table |
|
|
Model |
Price |
|
iPhone |
949.00 |
|
Samsung Galaxy |
799.00 |
|
Google Pixel |
650.00 |
7. Use the PMT function in
cell C8 to calculate the monthly flex payment for the first option. Be sure to use the appropriate absolute, relative, or mixed cell references. Next use the fill handle to copy the function down, completing the
range C8:C10.
8. Type
Highest payment,
Average payment, and
Lowest payment in the
range A12:A14. Resize column A as needed.
9. Use the MAX function in
cell B12 to calculate the highest flex payment, in
cell B13 use the AVERAGE function to calculate the average flex payment, and in
cell B14 use the MIN function to calculate the lowest flex payment.
10. Insert a footer with your name on the left side, the sheet name in the center, and the file name code on the right side of the worksheet.
11. Save and close the workbook.
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