Managing the Digital World-Information Systems Today: Managing the Digital World: Complete the following application exercises to complete from the text Information Systems Today: Managing the Digital World:
▪ 6-42 Spreadsheet Application: Travel Loan Facility(page 268)
- Submit the completed Microsoft Excel spreadsheet file for exercise 6-42
A new aspect of the business has been added to Campus Travel. Students can apply for a loan to help pay for their travels. However, loans for travel are available only to students who are traveling outside the country for at least 2 weeks. Because the costs for this type of international travel differ depending on how you travel, where you stay, and what you do at the destination, different loan packages are available. For a month in Europe, you have decided to take out a loan. You have already taken a look at several offers but are unsure whether you can afford it. Set up a spreadsheet to calculate the payments per month for the following situations:
2 weeks in Eastern Europe; price: US$2,000; interest rate: 5.5%; Time: 1 year
2 weeks in Western Europe; price: US$3,000; interest rate: 6.0%; time: 1 year
3 weeks in Western Europe; price: US$3,500; interest rate: 5.5%; time: 2 years
4 weeks in Eastern Europe; price: US$4,000; interest rate: 6.0%; time: 2 years
4 weeks in Western Europe; price: US$5,000; interest rate: 6.5%; time: 2 years
Once you have calculated the payments, calculate the total amount to be paid for each option as well as the total interest you would pay over the course of the loan. Make sure to use formulas for all calculations and submit a professionally formatted page displaying the results and a page displaying the formula. (Hint: In Microsoft Excel, use the “PMT” function in the category “Financial” to calculate the payments. Use Ctrit grave accent) to switch between formula and data views; calculate the number of payments before using the formula.)
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