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Part 1. Budget Constraints

Joanne Krol wants to purchase a newer model car to replace her rusty 1989 car. The bank where Joanne has a checking account, OZ Bank, is advertising an annual interest rate of 9.50 percent for a four-year loan on used cars. By selling her old car and using some cash she has accumulated, Joanne has $3,000 available as a down payment. Under her current budget, Joanne figures that the maximum monthly loan payment she can afford is $750. She wants to find out the maximum car price she can afford and keep the monthly payment no higher than $750. She cannot alter the interest rate or the four-year term. Use the Excel Goal Seek command to:

a) figure out the highest purchase price Joanne can afford
b) figure out the highest purchase price if the interest rate was 7.25%
c) figure out the highest purchase price if the loan term was 5 years and the interest rate 6.75%

Use the Excel Workbook “Car Loan Analysis” from Moodle as a starting point as it includes the function to calculate the monthly loan repayment.

For each of part a, b, and c, include the full excel calculation as shown below (ie. Submit three of these tables) :

Part 2. Mobile Phone Sales

Phil Mypockets, the sales manager for Phil’s Super Cheap Mobile Phones, wants to maximise his profit on the sale of mobile phones. He already has two mobile phones he plans to sell:

Phil needs your help in calculating his maximum profit.

First, he would like you to use the Web to find a Samsung phone to add to product list. You will need to find the retail price of the Samsung phone (any Samsung phone is OK – it is your choice). You can assume that the wholesale price of each unit is 65 percent of it’s retail price.

Phil has four constraints

1. Phil has $475,000 to purchase new mobile phones. The total wholesale cost of the four types of mobile phones must be less than $475,000;
2. Phil must purchase a minimum of 400 units of the Nokia E71 and 500 units of the Sony Ericsson T707a from his wholesaler;
3. Phil must purchase a minimum of 150 units of the Samsung mobile phone;
4. Phil wants to purchase no more than 750 units of the Nokia E71;
5. The number of units must be positive whole numbers (Hint: use the constraint “int/integer”)

Use Excel Solver to maximise the total profit for Phil with the constraints mentioned above. Your answer must include a table similar to that below which shows the number of units of each item, the total cost and the total profit.

Use the Excel Workbook “Mobile Phone Sales” from Moodle as a starting point as it includes the functions for calculating the total profit.

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Lab Report

In your lab report include the following

Part 1. Excel workbook for the Car Loan Analysis (include separate worksheets for each of parts a, b, and c

Part 2. Excel workbook for the mobile phone sales

Part 3. Answers to the Supporting Decisions questions
Grading guide. Your mark for this lab will be out of 5. Use these tables to see how to get the best mark.

Eg. If you do a poor Car Loan Analysis solution, a good Mobile Phone Sales solution and excellent answers to the Support Decisions questions then you should get a score of 3/5.

Part 3. Supporting Decisions

a) In parts 1 and 2 we have used two different methods to support the decisions – Goal Seek and Solver. Indicate which of these two methods would you use for each of the following decisions, and describe why?
i. A company wants to introduce a new product line and needs to know the level of product sales required to have a profit of $2 million dollars
ii. A company wants to know the mix of a number of different products and services that need to be sold to break even (ie. have a profit of zero)

b) Give examples of other decisions that could use Excel
i. An example using Goal Seek
ii. An example using Solver
Remember to submit ALL parts of the lab report:

Part 1. Excel workbook for the Car Loan Analysis (include separate worksheets for each of parts a, b, and c)

Part 2. Excel workbook for the mobile phone sales

Part 3. Answers to the Supporting Decisions questions

All parts are to be submitted through Moodle. You MUST submit Excel workbooks for Parts 1 and 2, and a Word document for part 3.

The lab report marking scheme is given over the page.

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