In this case study, you have been tasked with generating a loan approval workbook that will determine if an applicant is eligible for a personal loan and if so, what the loan rate should be based on a set of pre-defined criteria. The bank manager has created the basic layout of the application she wants to use but has asked you to provide the formulas that will drive the initial quote.
You need to provide a rate for each customer based on their credit score. Any user who has a score less than 600 should be denied.
IF Function – Use the IF Function to figure out if an applicant is eligible for a personal loan. Please review this tutorial: Excel IF Functions For Beginners for help.
PMT Function – Use the PMT Function to calculate the payment. Remember that the Yearly Periodic Rate is the Rate divided by the number of Months. Please review this tutorial: Excel PMT() Function Basics for help.
You will calculate the payment quote for each customer.
You will create a working list of all existing accounts that provides the number of days remaining on their loan and an overall look at all the accounts maturity dates: Advanced Excel.
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Be sure to read the criteria below by which your work will be evaluated before you write and again after you write.
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CRITERIA | POINTS |
Save as case_study1_ LastFirstName | 3 |
Add logical statement the evaluates if the credit score is over 600 in cell I3. If so, return Approved, else return Denied. | 15 |
Filled range I4:I10 and deleted out customers Denied. | 5 |
Use a VLOOKUP in cell J3 to determine the rate based on cell F3. | 10 |
Filled range J4:J10 and deleted out customers Denied. | 5 |
Calculate the Periodic Rate in cell K3. | 10 |
Filled range K4:K10 and deleted out customers Denied. | 5 |
Calculate the Loan Payment in cell L3. | 10 |
Filled range L4:L10 and deleted out customers Denied. | 5 |
Calculate the number of days remaining on each existing loan. | 8 |
Calculate the maximum number of days remaining on Existing Accounts. | 8 |
Calculate the minimum number of days remaining on Existing Accounts. | 8 |
Calculate the average number of days remaining on Existing Accounts. | 8 |
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