Mr Tim Budge and his fianc Jennifer Lopez are looking at a handsome house
and land package, But to do this they have to discuss finance with there
local financier. They need to borrow a large sum of money from the bank to
pay for the house.
There weekly income is $1050.00 there weekly outgoing is $450.00 also
whilst keeping in mind they cannot pay back more than 85% that they earn
Using this table they will find a plan which best suits them.
Results and Data
Throughout the duration of completing my Excel spreadsheet I found the
|Details | |
|Weekly Income |$1,050.0|
| |0 |
|Weekly |$450.00 |
|Bank Balance |$15,000.|
| |0 |
|Max Repayment |$2,210.0|
| |0 |
This is the Couples Financial details. The financier has to take this
information into example when finding a repayment plan best for the couple.
|Interest |Present Value |
I got this information by using the PV (present Value) with the ABS
(absolute) to help retrieve the right answer. The PV formula is PV (rate,
nper, pmt) the rate is interest rate nper is the number of repayments and
pmt is a payment made monthly.
1.$286568.3693 / =ABS(PV(9%/12,12*20,2578.33))
2.$225150.7822 / =ABS(PV(9%/12,12*20,2025.83))
3.Celeron 2.2 GHz CPU
256 MBs of Ram
LCD TFT 15″ monitor
4.Microsoft Excel 2002
Microsoft Word 2002
Operating system Windows XP Professional 2002
In conclusion I think this spreadsheet would come in very useful to people
wanting to find a repayment plan which best suits them. Which h is very
important in the repaying of the loan.