How to do this Nadia wants to compare monthly payments, total interest, and total cost for interest rates that vary from 7.725% to 8.075%. She has already entered formulas to insert the in excel
1. First, enter the starting interest rate of 7.725% in one cell and the ending interest rate of 8.075% in another cell.
2. Use Excel's "data table" feature to compare the monthly payments, total interest, and total cost for each interest rate.
3. Select a range of cells that includes the starting interest rate, the formulas for calculating monthly payments, total interest, and total cost, and any other relevant information.
4. Go to the "Data" tab in Excel and click on "What-If Analysis"
5. Choose "Data Table" from the drop-down menu and a dialogue box will appear.
6. In the Row Input Cell box, select the cell containing the starting interest rate.
7. In the Column Input Cell box, select the cell containing the ending interest rate.
8. Click OK and Excel will generate a table showing the monthly payments, total interest, and total cost for each interest rate within the range specified.
9. Review the data table to compare the financial impact of different interest rates on Nadia's loan.