PRACTICE QUESTIONS DETAILED
SOLUTIONS
◉ What is the rate function do? Answer: periodic interest rate such as a
monthly rate
◉ What is the Nper? Answer: the number of total payment period
◉ What is the PV? Answer: The present value of the loan
◉ What is the FV? Answer: The future value or cash balance you want
to have after the last payment is made
◉ What is the SUM IF? Answer: Calculates the average values in a
range when a specified conditions exists
◉ What is the COUNT IF? Answer: Counts the number of cells in a
range when a specified condition is met
◉ What is a macro? Answer: A set of instructions that tells excel which
command to execute
◉ what is a macro recorder? Answer: excel tool that records a serious of
commands in the sequence preformed and converts the commands into
programming syntex