1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 A B C D E F G H I J K L Vehicle Purchase Analysis Vehicle 1 Vehicle 2 Vehicle 3 Vehicle 4 Average Highest Lowest Description 2011 Ford Mustang GT 2012 Honda Civic LX 2013 Ducati Superbike 848 Evo 2012 GMC Canyon Regular Cab Price 18,739.50$   25,490.00$   13,995.00$   Vehicle Type Passenger Passenger Motorcycle Truck MPG City 27.5 44 18 MPG Highway 35.25 44 25 Seller private seller dealer private seller dealer MPG Average 31.375 44 21.5 Price $25,490 $17,998 $13,995 $17,475 MPG City 19 29 44 18 Yearly Costs Average Highest Lowest MPG Highway 31 41 44 25 Maintenance 475.00$         600.00$         300.00$         Average MPG 25 35 44 21.5 Registration Fee 90.00$          100.00$        60.00$          Yearly Costs  Insurance 950.00$         1,500.00$     600.00$         Maintenance/Year $600 $300 $500 $500 Registration Fee 100 100 60 100 Loan Average Highest Lowest  Insurance/Year $1,000 $700 $1,500 $600 Amount to Borrow 13,739.50$  20,490.00$  8,995.00$    Need Loan? yes yes yes yes APR 5% 8% 2% Amount to Borrow $20,490 $12,998 $8,995 $12,475 Years 4                   5                   2                   APR 4.90% 1.90% 7.90% 3.90% Years 5 4 2 3 Monthly Costs Average Highest Lowest Monthly Costs Gas 75.45$           101.86$         49.77$           Gas $87.60 $62.57 $49.77 $101.86 Loan Payment 360.33$         406.41$         281.43$         Loan Payment $385.73 $281.43 $406.41 $367.76 Maintenance 39.58$           50.00$           25.00$           Maintenance/Month $50.00 $25.00 $41.67 $41.67 Insurance 79.17$           125.00$         50.00$           Insurance/Month $83.33 $58.33 $125.00 $50.00 Total Monthly 554.53$        622.85$        427.33$        Total Monthly $606.67 $427.33 $622.85 $561.28 Affordable? no yes no yes [email protected] LU TI O N SA M PL E 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 A B C D E F G Vehicle Purchase Assumptions $5,000 Total Cash Available for Vehicle Purchase $600 Total Monthly Amount Available to Pay for Operating Vehicle 600 Number of Miles I Expect To Drive Each Month $3.65 Gas Price Per Gallon Registration Fee Lookup Table column # 1 2 Cargo Van 100 Farm Vehicle 68 Motor Home 100 Motorcycle 60 Passenger 100 Taxicab 160 Trailer 30 Truck 100 SO LU TI O N SA M PL E A Skills Approach: Excel 2013 Chapter 3: Using Formulas and Functions 1 | Page challenge yourself 3.3 Last Updated 4/3/15 challenge yourself 3.3 In this project, you will complete a vehicle-shopping workbook to compare the purchase of several vehicles. After completing the project, you can make a copy of the file and use it to compare vehicle purchases you are considering for yourself. Be sure to save your work often! Skills needed to complete this project:  Naming Ranges of Cells  Calculating Averages  Finding Data Using the VLOOKUP Function  Working with Named Ranges  Using th.

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A B C D E F G H I J K L
Vehicle Purchase Analysis
Vehicle 1 Vehicle 2 Vehicle 3 Vehicle 4 Average Highest
Lowest
Description 2011 Ford Mustang GT 2012 Honda Civic LX
2013 Ducati Superbike 848 Evo 2012 GMC Canyon Regular Cab
Price 18,739.50$ 25,490.00$ 13,995.00$
Vehicle Type Passenger Passenger Motorcycle Truck MPG City
27.5 44 18
MPG Highway 35.25 44 25
Seller private seller dealer private seller dealer MPG Average
31.375 44 21.5
Price $25,490 $17,998 $13,995 $17,475
MPG City 19 29 44 18 Yearly Costs Average Highest Lowest
MPG Highway 31 41 44 25 Maintenance 475.00$
600.00$ 300.00$
Average MPG 25 35 44 21.5 Registration Fee 90.00$
100.00$ 60.00$
Yearly Costs Insurance 950.00$ 1,500.00$
600.00$
Maintenance/Year $600 $300 $500 $500

3. Registration Fee 100 100 60 100 Loan Average Highest Lowest
Insurance/Year $1,000 $700 $1,500 $600 Amount to Borrow
13,739.50$ 20,490.00$ 8,995.00$
Need Loan? yes yes yes yes APR 5% 8% 2%
Amount to Borrow $20,490 $12,998 $8,995 $12,475 Years
4 5 2
APR 4.90% 1.90% 7.90% 3.90%
Years 5 4 2 3 Monthly Costs Average Highest Lowest
Monthly Costs Gas 75.45$ 101.86$ 49.77$
Gas $87.60 $62.57 $49.77 $101.86 Loan Payment 360.33$
406.41$ 281.43$
Loan Payment $385.73 $281.43 $406.41 $367.76 Maintenance
39.58$ 50.00$ 25.00$
Maintenance/Month $50.00 $25.00 $41.67 $41.67 Insurance
79.17$ 125.00$ 50.00$
Insurance/Month $83.33 $58.33 $125.00 $50.00 Total Monthly
554.53$ 622.85$ 427.33$
Total Monthly $606.67 $427.33 $622.85 $561.28
Affordable? no yes no yes
[email protected]
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Vehicle Purchase Assumptions
$5,000 Total Cash Available for Vehicle Purchase
$600
Total Monthly Amount Available to Pay for Operating Vehicle
600 Number of Miles I Expect To Drive Each Month
$3.65 Gas Price Per Gallon

5. Registration Fee Lookup Table
column # 1 2
Cargo Van 100
Farm Vehicle 68
Motor Home 100
Motorcycle 60
Passenger 100
Taxicab 160
Trailer 30
Truck 100
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A Skills Approach: Excel 2013 Chapter 3: Using Formulas and
Functions
1 | Page challenge yourself 3.3 Last Updated 4/3/15

6. challenge yourself 3.3
In this project, you will complete a vehicle-shopping workbook
to compare the purchase of several vehicles. After
completing the project, you can make a copy of the file and use
it to compare vehicle purchases you are considering
for yourself. Be sure to save your work often!
Skills needed to complete this project:
ng the Logical Function IF
and Maximum Values
1. Open the start file EX2013-ChallengeYourself-3-3. The file
will be renamed automatically to
include your name. Change the project file name if directed to
do so by your instructor, and save it.
2. If the workbook opens in Protected View, enable editing so
you can make changes to
the workbook.

7. 3. The registration fee information in cells B11:C18 on the
Assumptions sheet will be used in lookup
formulas later in this project. Name the range RegistrationFees
to make it easier to use later.
4. Return to the Purchase worksheet.
5. Calculate the average MPG for each vehicle.
a. Enter a formula in cell C11 using the AVERAGE function to
calculate the average value of
C9:C10. Use only one argument.
b. Copy the formula to the appropriate cells for the other
vehicles.
c. Excel will detect a possible error with these formulas. Use
the SmartTag to ignore the error.
Hint: Use the SmartTag while cells C11:F11 are selected and
the error will be ignored for all
the selected cells.
6. Calculate the registration fee for each vehicle.
a. Enter a formula in cell C14 to lookup the registration fee for
the first vehicle. Use the vehicle
type in cell C5 as the Lookup_value argument. Use the
RegistrationFees named range as the
Table_array argument. The registration fees are located in
column 2 of the data table. Require an
exact match.
b. Copy the formula to the appropriate cells for the other
vehicles.

8. Step 1
Download
start file
A Skills Approach: Excel 2013 Chapter 3: Using Formulas and
Functions
2 | Page challenge yourself 3.3 Last Updated 4/3/15
7. Determine whether or not you will need a loan for each
potential purchase.
a. In cell C16, enter a formula using an IF function to determine
if you need a loan. Your available cash
is located on the Assumptions sheet in cell A3. If the price of
the car is less than or equal to your
available cash, display “no”. If the price of the car is more than
your available, cash, display “yes”.
Use absolute references where appropriate— you will be
copying this formula across the row.
b. Copy the formula to the appropriate cells for the other
vehicles.
8. Calculate how much you would need to borrow for each
purchase.
a. In cell C17, enter a formula to subtract your available cash
from the purchase price: Use
absolute references where appropriate— you will be copying

9. this formula across the row.
b. Copy the formula to the appropriate cells for the other
vehicles.
9. Calculate the monthly payment amount for each loan.
a. In cell C22, enter a formula using the PMT function to
calculate the monthly loan payment for
the first vehicle. Use absolute references where appropriate—
you will be copying this formula
across the row. Hint: Don’t forget to multiply the number of
years by 12 in the Nper argument to reflect the number of
monthly payments during
the life of the loan.
b. Edit the formula so the monthly payment appears as a
positive number.
c. Copy the formula to the appropriate cells for the other
vehicles.
10. Compute the monthly cost of gas.
a. In cell C21, enter a formula to calculate the number of miles
you expect to drive each month
(Assumptions sheet, cell A5) / the average MPG for the vehicle
(Purchase sheet, cell C11) * gas
price per gallon (Assumptions sheet, cell A6).
b. Copy the formula to the appropriate cells for the other
vehicles.

10. c. If cells D21:F21 display an error or a value of 0, display
formulas and check for errors.
d. If you still can’t find the error, try displaying the precedent
arrows.
Hint: The references to the cells on the Assumptions sheet
should use absolute references. If
they do not, the formula will update incorrectly when you copy
it across the row.
11. Compute the monthly cost of maintenance.
a. In cell C23, enter a formula to calculate the annual
maintenance cost (cell C13) /12.
b. Copy the formula to the appropriate cells for the other
vehicles.
12. Compute the monthly cost of insurance.
a. In cell C24, enter a formula to calculate the annual insurance
cost (cell C15) / 12.
b. Copy the formula to the appropriate cells for the other
vehicles.
13. In cells C25:F25, compute the total the monthly cost for
each vehicle.
A Skills Approach: Excel 2013 Chapter 3: Using Formulas and

11. Functions
3 | Page challenge yourself 3.3 Last Updated 4/3/15
14. Determine which vehicles are affordable.
a. In cell C27, enter a formula using the IF function to display
“yes” if the total monthly cost (cell
C25) is less than or equal to the total monthly amount available
for vehicle expenses
(Assumptions sheet, cell A4). Display “no” if the total monthly
cost is not less then or equal to
the total monthly amount available.
b. Copy the formula to the appropriate cells for the other
vehicles.
c. Display formulas and use the error checking skills learned in
this lesson to track down and fix
any errors.
15. Complete the Analysis section using formulas with
statistical functions. Use named ranges instead of
cell references in the formulas.
a. Hint: Select cells B8:F25 and use Excel’s Create from
Selection command to create named
ranges for each row using the labels at the left side of the range
as the names.
b. Hint: Open the Name Manager and review the names Excel
created. Notice that any spaces or
special characters in the label names are converted to _
characters in the names.

12. c. Hint: To avoid typos as you create each formula, try using
Formula AutoComplete to select the
correct range name.
16. Before finishing the project, check the worksheet for errors.
17. Save and close the workbook.
18. Upload and save your project file.
19. Submit project for grading.
Step 2
Upload &
Save
Step 3
Grade my
Project
PurchaseVehicle PurchaseAnalysisVehicle 1Vehicle 2Vehicle
3Vehicle 4AverageHighestLowestDescription2011 Ford
Mustang GT2012 Honda Civic LX2013 Ducati Superbike 848
Evo2012 GMC Canyon Regular CabPriceVehicle
TypePassengerPassengerMotorcycleTruckMPG CityMPG
HighwaySellerprivate sellerdealerprivate sellerdealerMPG
AveragePrice$25,490$17,998$13,995$17,475MPG
City19294418Yearly CostsAverageHighestLowestMPG
Highway31414425MaintenanceAverage MPGRegistration
FeeYearly Costs
InsuranceMaintenance/Year$600$300$500$500Registration
FeeLoanAverageHighestLowest

13. Insurance/Year$1,000$700$1,500$600Amount to BorrowNeed
Loan?APRAmount to
BorrowYearsAPR4.90%1.90%7.90%3.90%Years5423Monthly
CostsAverageHighestLowestMonthly CostsGasGasLoan
PaymentLoan
PaymentMaintenanceMaintenance/MonthInsuranceInsurance/Mo
nthTotal MonthlyTotal MonthlyAffordable?
AssumptionsVehicle Purchase Assumptions$5,000Total Cash
Available for Vehicle Purchase$600Total Monthly Amount
Available to Pay for Operating Vehicle600Number of Miles I
Expect To Drive Each Month$3.65Gas Price Per
GallonRegistration Fee Lookup Tablecolumn #12Cargo
Van100Farm Vehicle68Motor
Home100Motorcycle60Passenger100Taxicab160Trailer30Truck
100