2.6 Chapter Scored
Construction Loan
Download Data File: SC2_Data
A construction loan gives new owners the money they need to build a home. Unlike a standard mortgage, the term on a construction loan only lasts for the amount of time it takes to build the home—usually one year or less. Once the construction is complete, you transition to a mortgage.
Review the construction loan details. Compare the 30-year vs a 15-year loan by calculating the Monthly Loan Payment.
New Home Construction Worksheet
- Open the file named SC2 Data. Save As SC2 Construction Loan.
- Click to cell B22. Using the PMT Function calculate the Monthly Payment for the 30-year loan. Display a positive payment amount.
- Click cell E22. Using the PMT Function calculate the Monthly Payment for the 15-year loan. Display a positive payment amount.
- Apply any number formatting that aids in the readability and professionalism of the worksheet.
- Make the following page setup changes to the worksheet:
- Center horizontally on the page
- Create a footer with the date on the left and the file name on the right. Make sure that both the date and the file name will update automatically.
- Check the spelling on all of the worksheets and make any necessary changes.
- Save the SC2 Construction Loan workbook and submit the workbook as directed by your instructor.
Attribution
Adapted by Mary Schatz from How to Use Microsoft Excel: The Careers in Practice Series, adapted by The Saylor Foundation without attribution as requested by the work’s original creator or licensee, and licensed under CC BY-NC-SA 3.0.