Exp22_Excel_Ch02_HOE - Townsend Mortgage Company - Full answer within 8 minutes in 2025

Exp22_Excel_Ch02_HOE - Townsend Mortgage Company
Project Description:
You are an assistant to Yui Matheson, a mortgage broker at the Townsend Mortgage Company. Yui spends days reviewing
mortgage rates and trends, meeting with clients, and preparing paperwork. Yui relies on your expertise in using Excel to help
analyze mortgage data. Today, Yui provided you with sample mortgage data: loan number, house cost, down payment,
mortgage rate, and the length of the loan in years. She asked you to perform some basic calculations so that the output
provided by her system can be checked to verify that it is calculating results correctly. You have also been tasked with
calculating the amount financed, the periodic interest rate, the total number of payment periods, the percentage of the house
cost financed, and the payoff year for each loan. In addition, you will calculate totals, averages, and other basic statistics.
Furthermore, Yui asked you to complete another worksheet that uses functions to look up interest rates from a separate table,
calculate the monthly payments, and determine how much (if any) the borrower will have to pay for private mortgage insurance
(PMI).
Steps to Perform:
Step Instructions Points
Possible
1 Start Excel. Download and open the file named
Exp22_Excel_Ch02_HOE_Loans.xlsx. Grader has automatically
added your last name to the beginning of the filename.
0
2 You would like to create a formula to calculate the amount financed for
each loan.
Enter a formula in cell D8 to calculate the amount financed for the first
mortgage. Once completed, copy the formula down completing column
D.
8
3 You would like to create a formula to calculate the monthly interest
rate per period for each loan.
Enter in formula in cell F8 to calculate the monthly interest rate for the
first loan. Add the appropriate absolute cell reference for cell B5 and
then use the fill handle to copy the formula down completing column F.
8
4 You would like to calculate the total number of payment periods for
each loan. To complete the task, you will use a mixed cell reference as
an alternative to an absolute cell reference.
Enter a formula in cell H8 to calculate the total number of payment
periods per loan. Use an appropriate mixed cell reference for cell B5
and then use the fill handle to copy the formula down completing
column H.
8
5 You would like to calculate the total value of the homes being
financed
Step Instructions Points
Possible
Use AutoSum in cell B16 to calculate the total value of all homes sold.
6 You would like to calculate the average value of all homes being
purchased.
Use AutoSum in cell B17 to calculate the average value of all homes
being purchased.
4
7 You would like to calculate the median value of all homes being
purchased.
Enter a function in cell B18 to calculate the median value of all homes
being financed.
4
8 You would like to display the cost of the least expensive home.
Enter a function in cell B19 to display the value of the least expensive
home financed.
4
9 You would like to display the value of the most expensive home
financed.
Enter a function in cell B20 to display the most expensive home
financed.
4
10 You would like to determine the total number of homes financed.
Enter a function in cell B21 to count the total number of homes being
financed based on the values column B.
4
11 To complete your calculations you will use the fill handle to copy the
previously created functions.
Use the fill handle to copy the functions in the range B16:B21 through
the range C16:D21.
10
12 You would like to test the functions you created by editing one of the
values in the worksheet.
Edit the value in cell B9 to 425000. Note the results of the formulas are
now updated.
6
13 It is a good practice to insert the date in a worksheet containing
financial information. You will use the TODAY function to insert the
6

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