Application For Personal Loan

Application For Personal Loan

Application For Personal Loan
First Name	Last Name	Address	City, State Zip	Annual Income	Credit Score	Requested Amount	# of Payments	Decision	Rate	Periodic Rate	Payment		Look Up Table
Mary	Bell	123 1st Street	Philadelphia, PA 19104	$         85,000	720	$          25,000	120	Approved	4.50%	$259.10	$  31,091.52		Credit Score	Current Rate
Luke	Skywalker	435 2nd Street	Philadelphia, PA 19111	$      120,000	754	$          35,000	240	Approved	3.75%	$207.51	$  49,802.62		500	6.50%
Tom	Harold	987 2nd Street	Philadelphia, PA 19111	$         80,000	625	$             5,000	60	Approved	6.00%	$96.66	$    5,799.84		550	6.25%
Steven	Market	654 6th Street	West Chester, PA 19380	$         25,000	789	$             2,000	20	Approved	3.75%	$103.31	$    2,066.27		600	6.00%
Henry	Fields	897 6rh Steet	West Chester, PA 19380	$         45,000	820	$             5,000	60	Approved	3.25%	$90.40	$    5,424.00		650	5.25%
													700	4.50%
													750	3.75%
													800	3.25%

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Due Date: 11:59 pm EST Sunday of Unit 2
Points: 100
Overview:
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.

Instructions:
Determine Rate:
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.
1. Open case_study1_data and save as case_study1_LastFirst (use your own
Last and First name).
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.
2. Display the Approval Form worksheet and create an IF statement in cell I3 to
determine if the applicant is eligible for a personal loan. Use the criteria below as
part of your logic statement