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Workbook: Begin by creating a new workbook. In the workbook you will want to have 2 worksheets. Name your worksheets as follows:
Use the chart below to enter in your estimated monthly income as a dollar value, as assigned based on your
student number. This value will be placed into the first cell in the right hand column in Worksheet 1.
Other "Choose your own" Business Types (Student # ending in 0, 1) $20,000.00
Now based on your business type, choose a creative company name and input into the title of Worksheet 1.
Note: Beginning balance/ Loan amount for Worksheet 2 will also be personalized based on a result of your calculations.
Worksheet 1
Sheet 1: Monthly Expenses
Utilities 2.20% $
Insurance 0.60% $
Subcontracts 0.60% $
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Use the last 2 digits of your Student
Profit Before Taxes and Interest $
Number as percent. i.e. 59 = 5.9%
*These expense percentages are realistic and borrowed from ‘Restaurants Canada Research. Operations Report 2019
Worksheet 2
Sheet 2: Loan Repayment
To begin this worksheet, you will need to create three different tables:
Note that tables 1 & 2 can be either on top of each other or side by side but they must make up the first part of your worksheet.
Enter Values
To find the annual interest rate, go to the Bank of Canada website (https://www.bankofcanada.ca/rates/daily-digest/) to find the most current interest rate. It
will be listed as the prime rate under the interest rate category.
Choose a start date for your loan repayment, must be after current date.
Monthly Principal Payment link from worksheet 1 - Remaining Amount Left for Loan Payment $
Number of Payments 24
Total Cost of Loan Apply formula from Result of your work in Table 3 $
To populate the monthly payment amount, copy and paste the cell Remaining Amount for Loan Repayment as a link from your
worksheet 1.
For the number of payments, 24 months. Note: The number of payments is the key to how many rows you will need in table 3.
Note: The remaining cells in Table 2 will be from the results of your work in Table 3.
For the Total Interest, you will need to apply a formula that will calculate the sum of all the cells in the Interest column from Table 3.
For the Total Cost of the Loan, apply a formula that adds the original loan amount and the Total Interest amount.
Table 3 containing the following cells: Table 3 must appear below or beside table 1 & 2 in your worksheet 2.
Payment No. Payment Date Beginning Balance Principal Payment Interest Ending Balance
=remaining balance
=(beginning balance -
1 dd/mm/yyyy =Loan Amount for loan repayment $
principal payment)
from Worksheet 1
= previous ending
2 dd/mm/yyyy $ $ $
balance
3 dd/mm/yyyy $ $ $ $
4 dd/mm/yyyy $ $ $ $
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Use a Auto-Fill function to help you quickly populate the first two columns (Payment No. and Payment Date). Repayments should occur once
a month.
To populate the beginning balance, you will need to copy and paste the cell Loan Amount from section 1 as a link to this cell.
Each subsequent beginning balance will need a formula applied to it consisting of the previous ending balance.
To populate the principal payment amount, you will need to apply a formula that divides your loan amount by 24 months. Use the fill handle
function to populate the remaining cells in this column. The principal payment amount will be the same for all cells in this column.
To calculate the monthly interest rate, apply a formula to extract the interest rate from the beginning balance in each line. (Hint: An interest
rate of 6.50% p.a. will be expressed as 0.0650. To calculate per month, it will be expressed as 0.0650 /12)
Finally, for the ending balance, apply a formula that subtracts the principal payment from the beginning balance.
Repeat all the steps until the loan is paid off. Final row should have an ending balance of ZERO (0)
→ Do not use Excel as a calculator! Formulas must be created with cell addresses not numbers. Marks will be deducted if this is found.
→ Be sure that all % cells are formatted to % cells and all $ cells are formatted to currency cells. This means that you are not typing the symbols but
that you have set the function for them to appear based on the format of the cell.
Once you have applied all of your calculations and all of your cells are populated, complete Worksheets with the following:
Ensure the title cells are merged and apply a bold font to the titles in each table
Use background and shading to accentuate and differentiate the information in each column.
Final Steps
Save your Workbook as “Business Name - Loan Repayment.xls” and submit to the assignment folder.
Cell Formatting
Freeze pane
Calculations/ Formulas
Workbook Formatting
Personalization
Submission
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Submit your completed assignment using this link: MS Excel Assignment (/d2l/common/dialogs/quickLink/quickLink.d2l?
ou=980531&type=dropbox&rcode=CENCOL-4667327)
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