calculate each property’s value if the economy faced another such downturn in column J.

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

Generate your own random data using the instructions below. (2-points)

1.      Create a column header in A1 – “Property”

2.      Number the rows below 1-50 (A2:A51)

3.      Create a column header in B1 – “Value”

4.      In cell B2 type: =randbetween(125000,425000)

5.      Copy the formula to cells B3:B51

6.      Copy and paste just the values (make sure the “randbetween” formula is gone) back into the same cells B2:B51

Enter the formulas in Excel to complete the following.

7.      Create a column header in C1 – “PayneTax”

8.      Calculate the property tax for each home by using the Payne County rate of 0.93% in column C (2-points)

9.      Create a column header in D1 – “DallasTax”

10.  Calculate the property tax for each home by using the Dallas rate of 2.72% in column D (2-points)

11.  Create a column header in E1 – “TaxDifference”

12.  Calculate the tax difference for each home (Payne vs. Dallas) in column E. (2-points)

13.  Create a column header in F1 – “D22Value”

14.  Home prices in Dallas increased 8.5% last year. If that trend is consistent, calculate the value of each home in 2022 (in column F). (2-points)

15.  Create a column header in G1 – “S22Value”

16.  Home prices in Stillwater increased at 7.3% last year. If that trend is consistent, calculate the value of each home in 2022 (in column G). (2-points)

17.  Create a column header in H1 – “ValueDifference”

18.  Calculate the difference in 2022 estimated values between Dallas and Stillwater in column H. (2-points)

19.  Create a column header in I1 – “Payoff”

20.  Assume that your mortgage payment is $1350/month. Calculate how many months it will take to pay off each property (assuming 0% interest) in column I. (2-points)

21.  Create a column header in J1 – “Crisis”

22.  During the 2008 housing crisis, home prices dropped an average of 27.17% according to the Case-Shiller Index. (2-points)

23.  Calculate each property’s value if the economy faced another such downturn in column J.

24.  If $185,000 was owed on each home. Calculate how many would be underwater (owe more than the value) based on values calculated in column J. Highlight the underwater houses in red. (2-points)

 

25.  Save the file as Yourlastname_Property.xls

Attachments:

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