Stefanek Budget. Edmund and Lydia Stefanek of Little Rock, Arkansas, are using Excel to track their family budget to determine whether they can afford the monthly loan payments that would come with the purchase of a new house. The couple is considering a $285,000 mortgage at a 4.30 percent interest rate to be paid back over 25 years. They want to know the impact that this mortgage will have on their budget. Complete the following:

1.Open the Stefanek workbook located in the Excel4 > Case1 folder included with your Data Files, and then save the workbook as Stefanek Budget in the location speciﬁed by your instructor.

2.In the Documentation worksheet, enter your name in cell B3 and the date in cell B4.

3.In the Budget worksheet, in the range B3:B8, enter the parameters for a $285,000 mortgage at . annual interest paid back over years . Calculate the interest rate per month and the total number of payments.

4.In cell B10, calculate the amount of the monthly payment needed to pay back the mortgage.

5.In the range C15:N15, calculate the total income from Edmund and Lydia’s monthly salaries.

6.In the range C22:N22, use an absolute reference to insert the monthly mortgage payment you calculated in cell B10.

Stefanek Budget. Edmund and Lydia Stefanek of Little Rock, Arkansas, are using Excel to track their family budget to determine whether they can afford the monthly loan payments that would come with the purchase of a new house. The couple is considering a $285,000 mortgage at a 4.30 percent interest rate to be paid back over 25 years. They want to know the impact that this mortgage will have on their budget. Complete the following:

1.Open the Stefanek workbook located in the Excel4 > Case1 folder included with your Data Files, and then save the workbook as Stefanek Budget in the location speciﬁed by your instructor.

2.In the Documentation worksheet, enter your name in cell B3 and the date in cell B4.

3.In the Budget worksheet, in the range B3:B8, enter the parameters for a $285,000 mortgage at . annual interest paid back over years . Calculate the interest rate per month and the total number of payments.

4.In cell B10, calculate the amount of the monthly payment needed to pay back the mortgage.

5.In the range C15:N15, calculate the total income from Edmund and Lydia’s monthly salaries.

6.In the range C22:N22, use an absolute reference to insert the monthly mortgage payment you calculated in cell B10.

Stefanek Budget. Edmund and Lydia Stefanek of Little Rock, Arkansas, are using Excel to track their family budget to determine whether they can afford the monthly loan payments that would come with the purchase of a new house. The couple is considering a $285,000 mortgage at a 4.30 percent interest rate to be paid back over 25 years. They want to know the impact that this mortgage will have on their budget. Complete the following:

1.Open the Stefanek workbook located in the Excel4 > Case1 folder included with your Data Files, and then save the workbook as Stefanek Budget in the location speciﬁed by your instructor.

2.In the Documentation worksheet, enter your name in cell B3 and the date in cell B4.

3.In the Budget worksheet, in the range B3:B8, enter the parameters for a $285,000 mortgage at . annual interest paid back over years . Calculate the interest rate per month and the total number of payments.

4.In cell B10, calculate the amount of the monthly payment needed to pay back the mortgage.

5.In the range C15:N15, calculate the total income from Edmund and Lydia’s monthly salaries.

6.In the range C22:N22, use an absolute reference to insert the monthly mortgage payment you calculated in cell B10.

2.In the Documentation worksheet, enter your name in cell B3 and the date in cell B4.

4.In cell B10, calculate the amount of the monthly payment needed to pay back the mortgage.

5.In the range C15:N15, calculate the total income from Edmund and Lydia’s monthly salaries.