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Students are required to build a mortgage calculator in Excel 2016. The calculator should have the following features:
It should be capable of calculating the maximum amount a home-buyer can borrow, based on the user’s choice of preferred output. The appropriate inputs should include but not limited to: family incomes and assets, living expenses and debts, and regulations on deposit of residential property loan.
It should allow users to calculate the value of the outputs based on one of three different types of mortgage
o Normal Mortgage
o Growing Annuity Mortgage (payments grow at a constant rate over the life of the mortgage a growing annuity)
o Interest Only Mortgage (payments cover only the interest component until the final payment which covers the entire principle of the mortgage)
The calculator should be capable of dealing with payments occurring over varying payment frequencies
The calculator should contain an amortisation table with at a minimum the following columns (payment, interest component of the payment, principle component of the payment and principle balance)
The calculator should be capable of dealing with items such as loan processing fee/low equity margin.
The calculator should contain a graph breaking down payments
The calculator should follow the rules of good financial model design. Students are expected to be able to explain or demonstrate any features or techniques in their assignments if requested.
To receive a C Grade, students must ensure their calculator meets the following requirements:
Calculator must correctly calculate the maximum amount of loan and the per period and annual interest rates for a table mortgage
Calculator must have a graph that correctly shows the breakdown of interest and principle
Calculator must include an accurate loan amortisation table that updates for changes in inputs
Calculator conforms to the following rules of good design
o Clear separation of inputs and outputs
o Formulas are correct and correctly linked
Features Calculator will at a minimum include suitable Excel control features i.e. radio boxes, combo boxes etc
To receive a B Grade, students must ensure their calculator meets the following requirements:
Calculator must correctly calculate the maximum amount of loan and the per period and annual interest rates for a table mortgage and either an interest only or a growing mortgage
Calculator must possess a graph that correctly shows the breakdown of interest and principle in an easy to understand format
Calculator must include an accurate loan amortisation table that updates for changes in inputs and only displays values for the mortgage period
Calculator conforms to the following rules of good design
o Clear separation of inputs and outputs
o Formulas are correct and correctly linked
o The interface is intuitive and easy to use Excel
Features Calculator will at a minimum include:
o Suitable Excel Control features (i.e. radio boxes, combo boxes etc)
o Conditional formatting
o Model employs VBA programming to a small degree
o Model is tidy and easy to navigate
To receive an A Grade, students must ensure their calculator meets the following requirements:
Calculator must correctly calculate the maximum amount of loan and the per period and annual interest rates for a table mortgage and either an interest and a growing mortgage
Calculator must have a suitable graph type that correctly shows the breakdown of interest and principle in an easy to understand format. In addition the graph should update for changes in the mortgage period and payment frequency
Calculator must include an accurate loan amortisation table that updates for changes in inputs and only displays values for the mortgage period
Calculator conforms to the following rules of good design
o Clear separation of inputs and outputs
o Formulas are correct and correctly linked
o The interface is intuitive and easy to use
o Suitable Summaries are provided Excel
Calculator will at a minimum include:
o Suitable Excel Control features (i.e. radio boxes, combo boxes etc)
o Conditional formatting
o Data validation
o Custom formatting
o Named ranges.
o Model should use considerable VBA programming
o Model is tidy and easy to navigate.
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