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SmartPhone Upgrade

You have just graduated from college and before beginning your first professional job, you would like to purchase a new smartphone. You have the option to purchase the new phone in one payment or make monthly payments by taking advantage of a 36-month flex payment plan. The payment plan charges an APR of 1.75% for the service. Prior to making your payment decision, you would like to make a worksheet to calculate the monthly payment for Consumer Reports’ top three smartphones for young professionals.

1. Start a new Excel workbook, save it as 
SmartPhone_LastFirst, and then rename Sheet1 to 
FlexPay.

2. Type 
Flex Pay Calculator in cell A1. Apply 
bold, 20 pt font size. 
Blue, Accent 1, font color.

3. Type 
Inputs in cell A2. Apply 
Thick Outside Borders to the 
range A2:C2.

4. Type 
APR and 
# of payments in the 
range A3:A4, and adjust the column width as needed.

5. Type 
1.75%, in 
cell B3 and 
36 in 
cell B4. Type 
Outputs in 
cell A6, Select the 
range A6:C6, and apply 
Thick Outside Borders.

6. Type 
Model in 
cell A7, 
Price in 
cell B7, and 
Payment in 
cell C7. Next enter the price information listed below in the 
range A8:B10. Adjust the column width as needed and apply 
Currency Number Format to the 
range B8:C10.

Example Table

Model

Price

iPhone

949.00

Samsung Galaxy

799.00

Google Pixel

650.00

7. Use the PMT function in 
cell C8 to calculate the monthly flex payment for the first option. Be sure to use the appropriate absolute, relative, or mixed cell references. Next use the fill handle to copy the function down, completing the 
range C8:C10.

8. Type 
Highest payment, 
Average payment, and 
Lowest payment in the 
range A12:A14. Resize column A as needed.

9. Use the MAX function in 
cell B12 to calculate the highest flex payment, in 
cell B13 use the AVERAGE function to calculate the average flex payment, and in 

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