Complete each task by inserting the appropriate function, referencing the appropriate cells in the task data, in the specified cells.

Financial Functions
Complete each task by inserting the appropriate function, referencing the appropriate cells in the task data, in the specified cells.

Task 1 Data		Task 2 Data

Loan Amount	-$175,000.00		Monthly Payment	-$1,200.00
Interest Rate*	4.25%		Interest Rate*	4.25%
Number of Payments	360		Number of Payments	360

Monthly Payment	$860.89		Loan Amount	$243,932.24

* Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your function.		* Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your function.



Task 3 and 4 Data		Task 5 Data

Loan Amount	-$212,000.00		Monthly Savings Amount	-$75.00
Monthly Payment	$950.00		Interest Rate*	2.75%
Number of Payments	360		Number of Months	36

Nominal Interest Rate	3.48%		Future Account Balance	$2,811.15
Effective Interest Rate	3.54%

* Remember to multiply the nominal interest rate by 12 (to calculate the annual interest rate).		* Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your function.



Task 6-8 Data

	15 Year Mortgage	30 Year Mortgage
Loan Amount	-$310,000.00	-$310,000.00
Interest Rate*	4.50%	4.50%
Number of Payments	180	360

Monthly Payment	$2,371.48	$1,570.72

Total Payments (PMT * # of PMTs)	$426,866.26	$565,460.81

Difference between 30-year and 15-year payback (the 30 year amount – the 15 year amount)	$138,594.55

* Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your functions.