course material

1. #Exp22_Excel_Ch06_Cumulative_AutoSales #Exp22 Excel Ch06
Cumulative AutoSales
#Exp22_Excel_Ch06_Cumulative_AutoSales #Exp22 Excel Ch06 Cumulative
AutoSales #Excel Chapter 6 Cumulative – Auto Sales 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

2. 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.