Tutorial of Ramos Family Home Purchase (part 2) on in excel on Mac
TLDRThis instructional video script guides viewers through creating a mortgage calculator in Excel. It covers creating a two-variable data table, applying conditional formatting to highlight specific interest rates, and adjusting cell borders. The script also instructs on calculating monthly payments and loan amounts with different banks' conditions, and determining the future value of a loan. Additionally, it explains how to prepare a workbook for printing, including setting print titles and areas, and hiding worksheets. The video concludes with troubleshooting errors in a car loan worksheet and enhancing the presentation with borders.
Takeaways
- 📊 The script provides a step-by-step guide on creating a two-variable data table in Excel, using specific cells for input and column references.
- 🖥️ It demonstrates how to use the 'Data Table' feature in Excel by selecting a range and input cells to analyze different scenarios.
- 🔢 The guide includes instructions for setting up conditional formatting to highlight cells that match a certain criteria, such as interest rates.
- 🏠 The script discusses a mortgage scenario for a Beecher Street house, showing how to calculate monthly payments and loan amounts with different banks' terms.
- 📈 It explains how to use Excel functions like PMT for calculating monthly payments and PV for determining loan amounts based on given conditions.
- 💼 The video script also covers how to calculate the future value of a loan after a certain period, which can be useful for planning loan repayment strategies.
- 📝 The guide includes instructions on how to prepare an Excel workbook for printing, including setting print titles and print areas.
- 🔒 It mentions how to hide worksheets that contain private information, ensuring that sensitive data is not printed or viewed.
- 🛠️ The script addresses error checking in Excel, showing viewers how to identify and resolve errors within their spreadsheets.
- 🖋️ It provides a method to correct formula errors, such as adjusting a formula to correctly calculate optional extra payments.
- 🎨 The guide concludes with instructions on how to visually enhance a worksheet by adding borders and colors to specific cells for emphasis.
Q & A
What is the purpose of creating a two-variable data table in the script?
-The purpose of creating a two-variable data table is to analyze the effects of changing two input variables, such as the term and Mom's cell D4, and the rate cell D3, on the outcome of a calculation, in this case, likely related to a mortgage or loan scenario.
How do you select a range of cells in Excel as mentioned in the script?
-To select a range of cells in Excel, you can click on the first cell, hold down the Shift key, and then press Command (on Mac) or Control (on Windows) and click on the last cell of the range. This is demonstrated in the script when selecting from A11 to D24.
What is the function of the 'Data Table' feature in Excel?
-The 'Data Table' feature in Excel allows you to perform 'what-if' analysis by varying one or two input cells to see how the changes affect the outcome of a formula. It's useful for scenarios like financial modeling or sensitivity analysis.
How is conditional formatting used in the script to highlight specific cells?
-Conditional formatting is used to apply specific formatting rules to cells based on their values. In the script, it is used to highlight cells in the range A12 to A24 that match the interest rate in cell D3, which is set to 4.32, with a red fill and dark red text.
What is the purpose of changing the border color in the range A9 to D24 as described in the script?
-Changing the border color in the range A9 to D24 is done to match the aesthetic of other borders in the worksheet. It helps in maintaining a consistent look and feel across the spreadsheet, making it easier to read and understand.
What does the PMT function do in Excel?
-The PMT function in Excel calculates the amount of payment required to pay off a loan over a specified period at a given interest rate. It's used in the script to determine the monthly payment for a mortgage from the First Bank.
How is the PV function used in the script to calculate the loan amount for Bank Two?
-The PV (Present Value) function is used to calculate the present value of a future amount, given a specific interest rate and number of periods. In the script, it's used to determine how much Miranda and Ricardo can borrow from Bank Two, given a fixed monthly payment and interest rate.
What is the FV function used for in the script?
-The FV (Future Value) function calculates the future value of an investment or loan, given a specific interest rate and number of periods. In the script, it's used to find out the remaining amount on the loan with Bank Three after 20 years and to plan for future payments.
How does the script describe setting print titles for a worksheet in Excel?
-The script describes setting print titles by going to the 'Page Layout' tab, clicking on 'Print Titles', and then selecting 'Row to repeat at top' to specify which row will appear at the top of each printed page.
What steps are outlined in the script for hiding a worksheet in Excel?
-The script outlines two methods for hiding a worksheet: one is by right-clicking on the sheet tab and selecting 'Hide', and the other is by going to the 'Format' menu under 'Sheet' and choosing 'Hide Sheet'.
What error checking and resolution steps are mentioned in the script for the car loan worksheet?
-The script mentions using the 'Error Checking' feature under the 'Formulas' tab to identify and resolve errors. For cell B2, it suggests ignoring the error, and for cell H7, it suggests correcting a formula error by multiplying the optional extra payments by the scheduled number of payments.
Outlines
📊 Creating a Two-Variable Data Table and Conditional Formatting
This paragraph guides the user through creating a two-variable data table in Excel, using cells D4 and D3 as the row and column input cells, respectively. It explains the steps to select the range A11 to D24, access the 'What-If Analysis' feature, and set up the data table. The paragraph also details how to apply conditional formatting to the interest rate range (A12 to A24) to highlight matching rates in red. Additionally, it covers changing the border colors of a specified range (A9 to D24) to a specific tan color.
💸 Calculating Loan Payments and Amounts Using Excel Functions
This section explains how to use various Excel functions to calculate loan payments and amounts. It starts with the PMT function to determine the monthly payment for a loan at a given interest rate, using cells G9, G5, G7, and G3. It then covers using the PV function to calculate the loan amount that can be borrowed under different conditions in cell H3, incorporating cells H5, H7, and H9. Finally, it explains using the FV function to calculate the remaining loan amount after a set period, referencing cells I10, I5, I7, I9, and I3.
🚗 Correcting Errors and Formatting in the Car Loan Worksheet
This paragraph focuses on the car loan worksheet, detailing steps to ensure all types of errors are checked and corrected. It starts with resolving errors in cell B2 by using Excel's error checking feature. It then describes how to correct a formula in cell H7 to multiply optional extra payments by the scheduled number of payments. The final part involves drawing attention to a specific range (B10 to D10) by adding a thick outside border in a specified color, emphasizing the optional extra payment.
Mindmap
Keywords
💡Data Table
💡Conditional Formatting
💡PMT Function
💡PV Function
💡FV Function
💡Error Checking
💡Print Titles
💡Print Area
💡Hide Sheet
💡Optional Extra Payments
💡Accent Color
Highlights
Creating a two-variable data table using the range A11 to D24 with cell D4 as the row input and cell D3 as the column input.
Using the PMT function to calculate monthly payments for a mortgage with the First Bank.
Adjusting monthly payments to $1,500 with Bank Two and calculating the loan amount using the PV function.
Determining the remaining loan amount and future value after 20 years with Bank Three using the FV function.
Setting print titles and print area for the mortgage calculator workbook for printing.
Hiding the listing worksheet to keep private data secure.
Checking for errors in the car loan worksheet and resolving them using Excel's error checking tools.
Correcting a formula error in cell H7 by multiplying optional extra payments by the scheduled number of payments.
Adding a thick outside border to draw attention to optional extra payments using the Tan accent color.
Highlighting the listed interest rate that matches the Beecher Street house's rate using conditional formatting.
Changing the color of borders in the range A9 to D24 to match the other outside borders in the worksheet.
Using Shift + Command to select a range of cells for data table and conditional formatting setup.
Entering formulas in cells G9, H3, and I10 for calculating monthly payments, loan amounts, and future value.
Preparing the mortgage calculator for printing by setting specific rows and ranges to be repeated or printed.
Discussing the process of borrowing money for a mortgage and a car loan, and calculating related financial metrics.
Providing a step-by-step guide on how to use Excel functions for financial calculations related to loans.
Demonstrating the use of Excel's formatting and error checking features to ensure accurate and presentable data.
Giving an overview of the mortgage calculator workbook and its components for a family home purchase.
Transcripts
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