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TRR 03-15-2005 10:09 PM

Question for you Microsoft Excel guru's...
 
I got a problem to do for a class, and I am struggling with it. Anyone care to help? Here is the problem....

Your looking to retire into a class one mobile home. For 10 years, you will make deposits. The account pays 7.25% annual interest. Create a worksheet that uses financial function to show future value on the investment and determine the percent of the mobile home cost saved.

Mobile Home Cost = $120,000
Rate (per month) = 7.25%/12
NPER = 10*12
PMT = $300
Percent of tuition saved = FV/Cost

Create a data table that shows the FV and percentage of Cost saved for monthly payments from $250 to $600 in 50 dollar increments.

Any help will get multiple rep!!

ChiefsCountry 03-15-2005 10:12 PM

Don't you just hate excel?

TRR 03-15-2005 10:14 PM

I just don't freakin' get it. I'm not one to ask for HW help, but I am clueless on this one.

TRR 03-15-2005 10:26 PM

bump

ChiefsCountry 03-15-2005 10:27 PM

wish i could help

Rain Man 03-15-2005 10:28 PM

What's the tuition statement about?

I think that all this problem is about is identifying how much you would need to save to earn the cost of the mobile home in ten years, along with the future value of each month's savings. I just don't know what they're talking about with tuition.

TRR 03-15-2005 10:31 PM

Quote:

Originally Posted by Rain Man
What's the tuition statement about?

I think that all this problem is about is identifying how much you would need to save to earn the cost of the mobile home in ten years, along with the future value of each month's savings. I just don't know what they're talking about with tuition.


Are you talking about the percentage of tuition saved? I believe it's what you said. Basically, what you will save on the investment if you pay into it monthly over a 10 year period.

Basically, I think he is saying at the end, you take your calculated FV and divide it by your actual cost of the motor home (120,000) to get you ending figure.

TRR 03-15-2005 10:39 PM

Here was his example problem...

Price $154,000.00 Rate 8.25%
Down_Pmt $32,000.00 Years 15
Loan_Amt $122,000.00 Monthly_Pmt $1,183.57
Total_Int $91,042.82
Total_Cost $245,042.82



Rate Monthly Pmt Total Interest Total Cost
$1,183.57 $91,042.82 $245,042.82
7.50% $1,130.96 $81,571.91 $235,571.91
7.75% $1,148.36 $84,704.16 $238,704.16
8.00% $1,165.90 $87,861.20 $241,861.20
8.25% $1,183.57 $91,042.82 $245,042.82
8.50% $1,201.38 $94,248.81 $248,248.81
8.75% $1,219.33 $97,478.92 $251,478.92
9.00% $1,237.41 $100,732.94 $254,732.94
9.25% $1,255.61 $104,010.63 $258,010.63
9.50% $1,273.95 $107,311.74 $261,311.74
9.75% $1,292.42 $110,636.04 $264,636.04
10.00% $1,311.02 $113,983.28 $267,983.28

Rain Man 03-15-2005 10:52 PM

Here's how I'd do it. I didn't bother to separate out the principal and interest, though that would be easy to do.

I used two methods - one using Excel's FV function, and the other calculated manually. The manual method is using a continuous growth assumption, so it's off a tad bit, I'll bet.

TRR 03-15-2005 10:57 PM

Quote:

Originally Posted by Rain Man
Here's how I'd do it. I didn't bother to separate out the principal and interest, though that would be easy to do.

I used two methods - one using Excel's FV function, and the other calculated manually. The manual method is using a continuous growth assumption, so it's off a tad bit, I'll bet.

Wow. Thank you. I'm giving you rep every day as long as I am on this board. Thanks Rain Man for the help. I appreciate it.

Rain Man 03-15-2005 10:59 PM

Hopefully it's right. I think I understand what he's looking for, though.

TRR 03-15-2005 11:03 PM

Quote:

Originally Posted by TRR
Wow. Thank you. I'm giving you rep every day as long as I am on this board. Thanks Rain Man for the help. I appreciate it.

Thank you. I just needed a little bit of functionality help. I appreciate it! You restored my faith in humanity.


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