After completing this chapter, you will be able to:
Microsoft Excel is a great program. Many people purchase it to use at work. At least, people say they're going to use it at work. Of course, we all know the real reason most of us buy it: to calculate car payments. (The rest of us buy it for figuring out mortgage payments.) It's after buying it that we discover that it's also good for one or two other projects as well.
Anyway, suppose you have a friend who just bought Excel but doesn't know how to use it very well yet. You want to help out by building a model your friend can use for calculating car loan payments. You want your friend to be able to try several possible prices, interest rates, and repayment periods, but you want to minimize the chance for mistakes. Excel has some powerful tools to help you do just that.
On the CD This chapter uses the practice file Loan.xls that you installed from the book's CD-ROM. For details about installing the practice files, see 'Using the Book's CD-ROM' at the beginning of this book.