Excel Practice Exam.docx Excel Practice Exam This assignment has a total of 500 points.

Excel Practice Exam.docx  Excel Practice Exam  This assignment has a total of 500 points.  Complete the exam by placing all answers in the indicated cells.   Do not insert rows or columns unless instructed to do so. The grader relies on the current worksheet structure.  Amortization  You have decided to purchase a new car. You plan to take out a loan to pay for the car. The loan amount is $18,900. You will pay an interest rate of 6.5% and plan to pay off the car in 48 months. You want to calculate the total amount of money and the total amount of interest you will pay over the course of the loan. To help you with these calculations, you decide to construct an amortization table. An amortization table provides details about the payment, interest amount, principal amount, and loan balance for every month of the loan. Perform the tasks below to complete the amortization table and loan summary calculations.  Task #  Points  Task Description  1  34  Calculate the payment amount for the loan in cell C15. Reference the cells containing the appropriate loan information as the arguments for the function you use. Cells C20–C67 in the "Payment" column are populated with the payment amount from cell C15.   2  3  Calculate, in cell D20, the interest amount for period 1 by multiplying the balance in period 0 (cell F19) by the loan interest rate (cell C13) divided by 12. Dividing the interest rate by 12 results in the monthly interest rate. This formula is reusable. The interest for a given period is always the m