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BIS 221T Week 3 Practice Formulas and Functions
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BIS 221T Week 3 Practice Formulas and Functions

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BIS 221T Week 3 Practice Formulas and Functions

  1. You are responsible for tracking daily sales. The table below lists a few of transactions for your company. Notice that the sales tax amount and transaction totals are not filled in. Complete the tasks to the right to complete the table.
  2. Construct a formula in cell D11 to calculate the sales tax amount for transaction 578. Be sure to appropriately reference the transaction amount in cell C11 and the sales tax rate in cell C8 so that your formula can be reused for the remaining transations.

Formulas!D11: =C11*0.0675

4 / 7  (57.1%)

Feedback:

[-2] The formula in cell D11 does not reference the sales tax rate

[-1] The tax rate reference is not absolute

  1. Copy the formula you used in cell D11 down to calculate the sales tax amount for the remaining transactions.

1 / 1  (100.0%)

Feedback:

  1. Construct a formula in cell E11 to calculate the total amount for transaction 578. Be sure to appropriately reference the transaction amount in cell C11 and the sales tax amount in cell D11 so that you can reuse your formula to calculate the total for the remaining transactions.

Formulas!E11: =SUM(C11:D11)

6 / 6  (100.0%)

Feedback:

  1. Copy the formula you used in cell E11 down to calculate the total for the remaining transactions.

2 / 2  (100.0%)

Feedback:

  1. Use the SUM function to calculate the “Grand Total” in for all transactions in cell E24.

Formulas!E24: =SUM(E11:E23)

4 / 4  (100.0%)

Feedback:

  1. There are 30 Major League Baselball (MLB) teams. The table below lists the 2010 and 1990 payroll and win totals for each team (notice that four teams were added after the 1990 season). Some MLB fans complain because the league does little to regulate the amount of money teams can pay for salaries. They argue that the teams that spend the most money will win the most games. This would put teams from small markets (that earn less revenue) at a disadvantage. Complete the 17 tasks listed to the right. Insert your formulas (or responses) in column I for each task. Are small market teams at a disadvantage?
  2. Use the COUNT function to calculate the number of MLB teams in 1990 (range G10:G39).

Statistical Functions!I10: =COUNT(G10:G39)

5 / 5  (100.0%)

Feedback:

  1. Use the COUNTA function to calculate the number of MLB teams in 2010 (use range F10:F39).

Statistical Functions!I12: =COUNTA(F10:F39)

5 / 5  (100.0%)

Feedback:

  1. Use the SUM function to calculate the total amount of salaries paid in 1990.

Statistical Functions!I14: =SUM(E10:E39)

5 / 5  (100.0%)

Feedback:

  1. Use the SUM function to calculate the total amount of salaries paid in 2010.

Statistical Functions!I16: =SUM(D10:D39)

5 / 5  (100.0%)

Feedback:

  1. Use the AVERAGE function to calculate the average salary for the teams in 1990.

Statistical Functions!I18: =AVERAGE(E10:E39)

5 / 5  (100.0%)

Feedback:

  1. Use the AVERAGE function to calculate the average salary for the teams in 2010.

Statistical Functions!I20: =AVERAGE(D10:D39)

5 / 5  (100.0%)

Feedback:

  1. Use the MAX function to determine the maximum team salary amount in 1990.

Statistical Functions!I22: =MAX(E10:E39)

5 / 5  (100.0%)

Feedback:

  1. Use the MIN function to determine the minimum team salary amount in 2010.

Statistical Functions!I24: =MIN(D10:D39)

5 / 5  (100.0%)

Feedback:

  1. Complete each task by inserting the appropriate function, referencing the appropriate cells in the task data, in the specified cells.
  2. You are interested in purchasing a home. What will your monthly payment be if you take out a $175,000 mortgage for 30 years (360 months) at 4.25% interest? (Please reference the loan information in the “Task 1 Data” cells in your functions.)

Financial Functions!C11: =PMT(C8/12,C9,C7)

5 / 5  (100.0%)

Feedback:

  1. You are interested in purchasing a home. You can afford $1200 a month as a mortgage payment. How much can you pay for a home assuming a 30 year (360 months) loan at 4.25% interest? (Please reference the loan information in the “Task 2 Data” cells as the arguments for your function.)

Financial Functions!F11: =PV(F8/12,F9,F7,0,0)

5 / 5  (100.0%)

Feedback:

  1. You are interested in purchasing a home. You have been quoted monthly payments of $950 for a 30 year mortgage. Your original loan amount is $212,000. What is the interest rate you will pay on the loan? (Please reference the loan information in the “Task 3 & 4 Data” cells as the arguments for your functions.)

Financial Functions!C23: =RATE(C21,C20,C19)*12

5 / 5.0  (100.0%)

Feedback:

  1. What is the effective annual rate of the loan you worked with in task 3? (Please reference the loan information in the “Task 3 & 4 Data” cells as the arguments for your functions.)

Financial Functions!C24: =EFFECT(C23,12)

5 / 5  (100.0%)

Feedback:

  1. You are interested in saving for a trip when you graduate in three years. You can save $75 each of the next 36 months and earn 2.75% interest on your money. How much money will you have in your savings account in 36 months for your trip? (Please reference the loan information in the “Task 5 Data” cells as the arguments for your function.)

Financial Functions!F23: =FV(F20/12,F21,F19)

5 / 5  (100.0%)

Feedback:

  1. You are interested in purchasing a home. You will take out a mortgage of $310,000 to pay for the home and pay 4.5% interest. What will your monthly payment be if you take 15 years to pay off the loan? (Please reference the loan information in the “Task 6-8 Data” cells as the arguments for your functions.)

Financial Functions!C37: =PMT(C34/12,C35,C33)

5 / 5  (100.0%)

Feedback:

  1. What will your monthly payment be if you take 30 years to pay off the loan you worked with in task 6? (Please reference the loan information in the “Task 6-8 Data” cells as the arguments for your functions.)

Financial Functions!D37: =PMT(D34/12,D35,D33)

5 / 5  (100.0%)

Feedback:

  1. How much money will you save if you pay off the loan in 15 years instead of 30 years? (Please reference the total payment amounts in cells C39 and D39 to calculate the difference.)

Financial Functions!D41: =C37-D37

0 / 5  (0.0%)

Feedback:

[-3] Formula applied incorrectly

[-2] Payment difference is incorrect

  1. Completed assignment file:

 

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