FNSACC323 Perform Financial Calculation Assignment

Assessment tasks

1. Complete the following calculations and write your answer in the right hand column in the table below
2. You are considering purchasing a new car and will need to finance this purchase.
   1. Using a calculator calculate the interest for a loan of $14,000 for one year, using simple interest, at the following rates of interest: 9.5% For both calculations write down your working out in addition to the answer.
   2. Create an Excel spreadsheet (with built in formulas) to check your answers. Again, you must show your calculations. Save this file as 'Question 2'
   3. Comparing the manual calculation method and Excel spreadsheet method which method would you recommend and why?
3. Sue has $10,000 to invest for four years. She intends to reinvest the interest at the end of each year so the funds will accumulate for a holiday at the end of the four years. Using an Excel workbook, show the following calculations:
   1. Construct a table to calculate the principal plus interest at the end of each of the four years-Yr1, Yr2, Yr3, Yr4, if the money is invested at 8% per annum and calculated on a simple interest basis.
   2. Construct a table to calculate the principal plus interest at the end of each of the four years-Yr1, Yr2, Yr3, Yr4, if the money is invested at 8% per annum and calculated on a compound interest basis and compounded annually.
   3. Explain why she has a higher closing balance if she chooses the compound interest method.
4. Use formulas in your Excel spreadsheet where appropriate. Save this file as 'Question 3' 4. Give three examples of typical calculation errors you can make with any calculation and describe ways to check for these errors.
5. Research on the internet to identify three (3) specific tools (e.g. software, links or apps) that you could use to help you calculate financial information that is similar to the questions in this assessment? Identify two (2) key features of each specific tool. Provide links for the websites of the three (3) tools.

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