CSIS 1514 Lab 10 Page 1 of 2

MS Excel, Formulas and Car Payments

USING PMT (PMT FUNCTION),

= PMT (rate, nper, pv)

rate Interest rate period (for example, interest/12)
nper Number of payment periods (i.e., term * 12)
pv Present valuetotal amount that a series of future payments is worth now (i.e.
the principal.)

Formula is = PMT(rate/12,3*12,-pv)
(assuming 12 payments per year and a 3 year term;
interest rate divided by 12; number of years times 12; minus
the value of the car)

INPUT THE FOLLOWING INFORMATION IN A WORKSHEET. (Make sure that the

Year and the Car Make are two separate columns)

YEAR CAR MAKE COST 3 YRS. 5 YRS. 6 YRS.

2001 BMW 321 C1i 21995
2001 JaguarXK8 74975
2002 Honda CRV LX 30998
2002 Lincoln Town Car 22490
2002 Jeep Grd. Cherokee 19995
2003 Saturn L200 19190
2004 Hummer H-2 40995
2004 Chrysler PT Cruiser 16900
2004 Jeep Liberty 16984
2004 Ford Mustang 22500
2004 MiniCooper S 24990
2004 Ford F150 17999
2005 Cobolt 4 dr. 11790
2005 Cadillac STS 38798
2005 Chrysler Pacifica 27325
2005 Dodge Viper 80000
2005 Corvette 44000
2005 Jetta GL 15990
2006 Ford Fusion SE 17997
2006 GMC Envoy SLE 24350
2007 Hyundai Entourage 22995
2007 Ford F350 XLT 39990
2007 Pontiac G6 14995
2007 VW Beetle 18864
2007 Chevy Silverado 15137

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CSIS 1514 Lab 10 Page 2 of 2
MS Excel, Formulas and Car Payments

1. Set up the above worksheet as Lab 10 Car Payments. Include a header.

2. Allow the user to adjust the interest rate, but default it at 7%.

3. Calculate the PMT for 3 years and fill; then for 5 and 6 years.

Formula is = PMT(rate/12,years*12,-pv) make sure that you insert the sign--

Use the function fx function and the formula box for PMT will appear. You need
only to input the data.

4. Title the worksheet Car Payments

5. Column headings: Year, Car Make, Cost, 3 Yrs., 5 Yrs., 6 Yrs.

6. Insert a Text Box (Drawing toolbar) and type in the following sentence: These
are <your name> favorites. They are <list your 5 favorite cars>.

7. When you complete the formula, highlight the worksheet and the text box and
AutoFormatchoose an attractive format, then make the adjustments to center
the title over the worksheet.

8. Save and print the worksheet.

9. Change the worksheet view to display formulas. Print this sheet.

10. Submit both sheets (from 8 and 9) for grading.

DUE DATE: Tuesday, June 19 POINTS: 35