Problem
You will need a loan in order to purchase a new refrigeration unit to store the poultry. You wish to make quarterly payments (4 payments per year) toward your loan repayment. You will then want to see how these payments will vary based on the number of years to repay and varying interest rates.
1. Click on the Poultry Loan worksheet tab. Use a financial function in a formula in Cell C12 to calculate the loan payment amount given the loan amount in Cell C6 and the annual interest rate in Cell B12. Use the appropriate relative, mixed, and/or absolute cell references in the formula.
2. Copy the formula to Cells C13 and C14. The formula in C12 will reference the B12 interest rate, but when you copy the formula to C13 the formula should change to reference the B13 interest rate. Similarly, for C14 referencing the B14 interest rate.
3. Copy the formula to Cells D12 and E12. The formula in C12 will reference the C11 year, but when you copy the formula to D12 the formula should change to reference the D11 year. Similarly, for E12 referencing the E11 year.
4. Complete copying the formula to Cells D13:E14 and ensure the interest rate cell references and the year cell references change accurately.