This document provides instructions for completing a lab assignment in Excel. It involves creating formulas to calculate average tax rates and tax amounts for different states and populations. Conditional formatting is used to display messages based on whether total tax amounts exceed a threshold. Extra credit involves using the PMT function to calculate a monthly loan payment. The assignment is due before Monday at 1pm.

1. I would like to have this homework done for me before Monday
at 1pm.thank you.
WEEK 4 LAB
100 points
Week 4 - Lab
1. Start on file Excel1, worksheet Week4 Lab.
2. In cell A1
• Enter: TAX RATE
3. In cell B1
• Name the cell: TAX_RATE (Note: Do not enter TAX_RATE
in the cell)
• Enter: 30%
4. In cell I5
• Create a formula that will calculate the Average Tax per
Person by multiplying the Avg Salary in cell H5 times the
TAX_RATE in cell B1. You must use the cell name TAX_RATE
in your formula.
• Use the fill handle to copy the formula to cell I11.

2. 5. In cell J5
• Create a formula that will calculate the Tax Gross by
multiplying the Avg Tax Per Person in cell I5 times the
Population in cell G5.
• Use the fill handle to copy the formula to cell J11.
6. Auto fit column J.
7. In cell K4
• enter text VA Taxes
8. In cell K5
• Use the Insert Function (fx), Logical, If that will test if the St
column for the row (cell F5) = “VA”
If it is TRUE then the cell will equal the Tax Gross value for
this row (cell J5)
If it is FALSE then the cell will equal “ ” for this row.
• Use the fill handle to copy the formula to cell K11.
9. In cell K12 (This is a nested function)
• Use the Insert Function (Logical, If) that will test if the sum
of cells K5 : K11 > 750000000
If it is TRUE then display the message “The tax is sufficient”.

3. If it is FALSE then display the message “Insufficient Funding”.
10. Copy the contents of cell F6 to cells F8 & F10 (the message
displayed in cell K12 should change).
11. Auto fit column K.
Extra Credit:
You want to take a loan of $150,000 to buy Lamborghini. The
terms are that you will pay off the loan in 60 months with an
annual percentage rate of 5%. Use the PMT function to
calculate what the monthly payment will be.