Spreadsheet Project Task 1
Today is 1 January 2018. MQU bank is oﬀering a 5 year $100,000 loan product to its customers.(25 marks).
- [10 marks] This loan product requires customers to make monthly repayment. Payment will be paid at the beginning of each month with an amount of $2,000. Use the Goal Seek to find the implied annual nominal rate of interest payable monthly (i.e., j12) charged by MQU bank.
- [8 marks] For this loan product, each customer needs to pay an initial cost of $200 at the beginning of the loan. Use the Goal Seek to find the real borrowing cost for a customer (expressed as an annual rate payable monthly j12). This loan product requires customers to make monthly repayment. The payment will be paid at the beginning of each month with an amount of $2,000.
- [7 marks] Assume that customers also have the yearly, half yearly and quarterly payment options. Using these options, customers are required to have payment at the end of each period (i.e., at end of each year, half-year and quarter). Assume that the MQU bank charges an annual nominal rate of interest j1 = 7.5% p.a. for these payment options. Find the customer’s quarterly, half yearly and yearly payment amount. Use a bar or column chart to plot the quarterly, half yearly and yearly payment amount.
The deadline for Spreadsheet Project Task 1 submission is April 6th 2018, 9:00AM. Present your answers to the above questions in a functional Excel spread-sheet (it should be a XLSX or XLS file), giving each solution on a separate sheet (labelled Part a, Part b, and Part c). Your spreadsheet should be clearly labelled and easy to understand. Make sure you identify what the inputs and outputs are. Please include the necessary information e.g., title, axis titles, etc., in your plot. Please document and describe your working steps. Please note that uploading a file can take up to 10 or 15 minutes. You need to submit your file at least 20 minutes before the deadline to ensure a successful submission.
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