You can take advantage of dozens of prebuilt Excel worksheets that are available as templates in the Excel Start screen. These templates provide a wide range of tools for helping you with school, work, and life tasks. For instance, you can find templates for creating invoices, memos, calendars, and time sheets. You can even find templates for helping you plan a party or clean your house. In this Independent Challenge, you use a loan calculator to calculate monthly payments for a car loan. This Independent Challenge requires an Internet connection.
a. Start Excel. The Start screen displays a selection of templates you can download.
b. Click in the Search for online templates text box at the top of the Start screen, type loan, then press [Enter]. A large number of loan templates appear on your screen for different types of loans. There is also a Category pane that opens on the right that lists dozens of categories of loans.
c. Look for a loan called "Loan amortization schedule" in the search results area. {It should be in the top row.)
d. Click Loan amortization schedule to open a small window that provides a description of this template and a user rating with a star value assigned to it. Read the description, then click Create.
e. Save the workbook as H-Car Loan where you save your Data Files.
f. In cell DS, enter 15000 as the loan amount.
g. In cell D6, enter S as the annual interest rate amount.
h. In cell D7, enter S for the number of years you want to pay off your loan. i. In cell D8, enter 12 for the number of payments you want to make in a year.
j. In cell D9, enter a formula that returns today as the result. Leave cell D10 blank.
k. Enter your name in cell C12.
I. Look at the loan summary, and notice the monthly payment you will need to make to pay off the loan. Also, notice the Total interest amount.
m.Now, change the loan period in years amount to 3 . What happens to the Scheduled payment amount in cellJS? What happens to the total interest amount in cell JlO?
n. Save your changes, then preview the worksheet in Backstage view. Close the workbook, exit Excel, then submit the workbook to your instructor.