Exp22_Excel_Ch06_Cumulative_AutoSales    Project Description: You are the financ

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Dec 21, 2022

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Exp22_Excel_Ch06_Cumulative_AutoSales
  
Project Description:
You are the finance manager for Grossman Auto Sales. Your company offers in-house financing and as part of your duties you create reports detailing purchase options. You want to create a report to determine the optimal purchase price of a vehicle based on your customer’s budget. You also want to create one- and two-variable data tables to provide detailed payment options based on varying interest rates and down payments.
     
Download and open the file named   Exp22_Excel_Ch06_Cumulative_AutoSales.xlsx.   Grader has automatically added your last name to the beginning of the   filename.
 
Create appropriate range names   for Purchase Price (cell C5), Sales Tax (cell C6), Down Payment (cell C7),   Months Financed (C8), APR (cell C9), Down Payment Amount (cell C12), Amount   Financed (cell C13), and Tax Owed   (cell C14). Create the range names using the Create from Selection method,   using the values in the left column.
 
Edit the existing name range Tax_Owed to display as Tax. Note, Mac users, in the Define   Name dialog box, add the new named range, and delete the original one.
 
Apply the range names to the   existing formulas and functions in the worksheet.
 
Create a new worksheet labeled Range Names, paste the newly created range   name information in cell A1, and then resize the columns as needed for proper   display.
 
Use Goal Seek to determine the   optimal purchase price to reach a $500 monthly payment with all other variables remaining   unchanged.
 
Start in cell E5. Complete the   series of substitution values ranging from $20,000 to $75,000 at increments   of $5,000 vertically down column E. Apply Comma Style format to the range   E5:E16 with two decimal points and preserve the thick bottom border on row   16.
 
Enter references to the Down   Payment Amount, Tax Owed, and Monthly Payment (Cells F4, G4, and H4) in the   correct location for a one-variable data table. Use range names where   indicated.
 
Complete the one-variable data   table and format the results with Comma Style with no decimal places.
 
Apply Custom number formats to   cell F4:H4 that displays the text Down Payment in cell F4, Tax in G4, and Monthly Pmt in cell H4. Bold and center the   headings and substitution values.
 
Copy the purchase price   substitution values from the one-variable data table and paste the values   starting in cell J5. Adjust the width of column J as needed.
 
Type 5000 in cell K4. Complete the series of substitution   values from $5,000 to $15,000 at $5,000 increments. Apply Accounting Number   Format to the range K4:M4.
 
Enter the reference to the   Monthly Payment function in the correct location for a two-variable data   table.
 
Complete the two-variable data   table and apply Comma Style to the range K5:M16 with no decimal places.
 
Apply a Custom number format to   make the formula reference display as the descriptive column heading Purchase   Price. Bold the   headings in cells J4:M4.
 
Create a scenario named Best Case, using Purchase Price and   Months Financed. Enter these values for the scenario: 40000, and 36.
 
Create a second scenario named Worst Case, using the same changing cells.   Enter these values for the scenario: 50000, and 72.
 
Create a third scenario named Most Likely, using the same changing cells.   Enter these values for the ­scenario: 45000, and 60.
 
Generate a Scenario Summary report   based on Monthly Payment. Be sure to use best practice in formatting the   report by deleting Column A:B, Row 1, and the Current Values column.
 
Load the Solver add-in if it is   not already loaded. Set the objective to calculate a Monthly Payment of $500.
 
Use Purchase Price and Months   Financed as changing variable cells.
 
Set constraints to ensure the   Purchase Price is less than or equal to $50,000, greater than or equal to $30,000, and a whole number. 
 
Set constraints to ensure months   financed are less than or equal to 72, greater than or equal to 24, and a whole number.
 
Solve the problem and save the   results. Generate the Answer Report. If you get an internal memory error   message, remove Solver as an add-in, close the workbook, open the workbook,   add Solver in again, and finish using Solver.
 
Save and close   Exp22_Excel_Ch06_Cumulative_AutoSales.xlsx. Exit Excel. Submit the file   as directed.

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