Intermediate
Excel
By:
Jim Waddell
Ph: 5-3118
wadde001@tc.umn.edu
Last modified: September 2005
Topics to be covered:
Notes:
What Are Functions? .......................................................................................................... 3
Typing Functions ................................................................................................................ 4
Using AutoSum ................................................................................................................... 5
Other Common Functions ............................................................................................... 6
Using the Function Wizard ................................................................................................. 6
Absolute and Relative References ...................................................................................... 8
Using the IF Function ......................................................................................................... 8
Lookup Functions ............................................................................................................... 9
Statistical Functions .......................................................................................................... 11
An “Array” Function..................................................................................................... 11
List Boxes (and other ways to pick a number) ................................................................. 12
List Box ......................................................................................................................... 12
Combo Box ................................................................................................................... 12
Scroll Bar ...................................................................................................................... 12
Spinner .......................................................................................................................... 12
Financial Functions ........................................................................................................... 13
Exercises:
Exercise 1 ............................................................................................................................ 1
Using the IF function ...................................................................................................... 1
Exercise 2 ............................................................................................................................ 2
Using the VLOOKUP function ...................................................................................... 2
Exercise 3 ............................................................................................................................ 4
Some Statistical Functions. ............................................................................................. 4
Exercise 4 ............................................................................................................................ 6
An Array Function .......................................................................................................... 6
Exercise 5 ............................................................................................................................ 7
How to change the value of a cell ................................................................................... 7
The List box. ................................................................................................................... 7
Combo Box ..................................................................................................................... 8
Scroll Bar ........................................................................................................................ 8
Spinner ............................................................................................................................ 9
Which control to use? ..................................................................................................... 9
Exercise 6 .......................................................................................................................... 10
Calculating loan payments ............................................................................................ 10
Intermediate Excel – Page 2
What Are Functions?
Functions are complex ready-made formulas that perform a series of operations on a
specified range of values. For example, to determine the sum of a series of numbers in
cells A1 through H1, you could create a formula using the information from the previous
chapter:
=A1+B1+C1+D1+E1+F1+G1+H1
A faster and easier way would be to use the SUM function, which is a command built
into Excel to add a range of numbers:
=SUM(A1:H1)
Every function consists of the following three elements:



The = sign indicates that what follows is a function (formula).
The function name, such as SUM, indicates which operation will be performed.
The argument, such as (A1:H1), indicates the cell addresses of the values on
which the function will act. The argument is often a range of cells, but it can be
much more complex.
You can enter functions by typing them in cells or by using the Function Wizard.
Some of Excel’s most common functions are listed in the table on the next page.
Function
AVERAGE
Example
=AVERAGE (B4:B9)
MIN
MAX
SUM
=MIN(B4:B10)
=MAX(B4:B10)
=SUM(A1:A10)
Description
Calculates the mean or average of a group of
numbers.
Returns the minimum value in a range of cells.
Returns the maximum value in a range of cells.
Calculates the total in a range of cells.
Whenever possible, use functions rather than writing your own formulas. Functions are
fast, take up less space in the formula bar, and reduce the chance for typing mistakes.
Intermediate Excel – Page 3
Figure 1. Functions simplify long formulas and allow you to perform complex
calculations.
Typing Functions
You can type any function into the formula bar or cell just as you would type in a
formula. If you remember the function and its arguments, typing may be the fastest
method.
To type a function, follow these steps:
1.
2.
3.
4.
Select the cell where the answer should appear.
Type an equals sign (=).
Type the name of the function.
Type the function’s arguments surrounded by parentheses. (Excel will often fill in
the closing parenthesis for you.)
5. Click the Enter button on the formula bar or hit Enter. The answer to the function
will appear.
Intermediate Excel – Page 4
Using AutoSum
Because SUM is one of the most commonly used functions, Excel provides a fast way to
enter it – you simply click the AutoSum button in the Standard toolbar. Based on the
currently selected cell, AutoSum guesses which cells you want summed. If AutoSum
selects an incorrect range of cells, you can edit the selection.
To use AutoSum, follow these steps:
1. Select the cell in which you want the sum
inserted.
2. Click the AutoSum button in the Standard
toolbar. AutoSum inserts =SUM and the range
address of the cells to the left of or above the
selected cell.
3. If the range Excel selected is incorrect, drag over
the range you want to use, or click in the
Formula bar to edit the formula.
4. Click the Enter button in the Formula bar or
press Enter. Excel calculates the total for the
selected range.
Figure 2. Using AutoSum.
You can quickly sum several columns at once by selecting the cells where the sum should
appear and clicking the AutoSum button.
Do it!
Beginning in cell D4, and going down, enter the
numbers 1,2,3, etc. to 10.
(Hint: enter the first 2 numbers, drag over both cells
to select, then drag the “fill” handle down until the
numbers up to 10 are entered)
Click cell D14 (just under the last number) and click
the “Autosum” button on the toolbar. (It is the capital
Greek letter Sigma.)
Now hit the enter key and see the sum.
Intermediate Excel – Page 5
Other Common Functions
If you click in the “Down arrow” next to the Autosum button, you can choose from these
commonly used functions: Sum, Average, Count, Max and Min. The “More functions…”
choice activates the function wizard, explained below.
Using the Function Wizard
If you don’t remember a function’s name or arguments, you may find it easiest to use the
Function Wizard. The Function Wizard leads you through the process of inserting a
function. The following steps walk you through using the Function Wizard:
1. Select the cell in which you want to insert the function.
2. Click the “Down arrow” next to the Autosum button and choose “More functions…”
3. (In old versions of Excel prior to 2000 click the “Paste Function” button on the
toolbar, it has an “fx” icon and is located next to the “Autosum” button).
4. Enter the arguments for the formula. If you want to select a range of cells as an
argument, click the Collapse Dialog
button (or drag the dialog box out of
the way).
5. After selecting a range, click the
Expand Dialog button if necessary
to return to the Formula Palette.
6. Click OK. Excel inserts the
function and argument in the
selected cell and displays the result.
Intermediate Excel – Page 6
Do it!
Copy the string of numbers in cells D4-D13 to column E.
(Hint: drag over the cells to be copied and then drag the
“handle” one column to the right.)
Click in cell E14.
Click the “Paste Function” button on the toolbar (it is
next to “Autosum”)
Choose the Statistical Function Category (left pane) and
then the “AVERAGE” function (right pane).
Excel guesses what to calculate the average of – but
we’ll pick the numbers our self.
Click on the red and white grid on the right of the
“Number 1” line.
Now drag over the column of numbers in column E.
Exit the cell selection mode by clicking on the red and
white box on the right of the line that contains our
selection.
Click “OK” to finish pasting the function.
Is the average correct?
Intermediate Excel – Page 7
Absolute and Relative References
(Recap!)
When you create a formula or function in Excel, you almost always use a relative
reference. A relative reference changes depending on where you copy it. In almost all
cases, this is exactly what you want.
For instance, let’s say you create the formula =SUM(B2:B9) to add numbers in column
B. When you copy the formula to column C, the relative references automatically adjust.
The formula changes to =SUM(C2:C9).
In some cases, a value in a formula must remain constant when copied to other locations.
This is referred to as an absolute reference. To identify a cell as an absolute value, a
dollar sign ($) must precede the column and row references for that cell. When the
formula is copied, the absolute references remain constant in every formula.
For example =B1 is a relative reference, while
=$B$1 is absolute.
In the formula =$B1 the column reference is absolute while the row reference is
relative. (What will this formula become if it is copied down one row? … across one
column?)
Using the IF Function
The IF function works by testing a condition you specify (usually related to a cell’s
contents), returning one value if the condition is true and another if the condition is false.
You can use the IF function to return text, a cell, a number, or a calculation as its
“answer.” As usual, Excel dictates that you use the following structure with the function:
=IF(Logical_Test, Answer_If_True_, Answer_If_False)
You use logical tests every day. When you approach a stoplight, you must look at the
stoplight to see if it is green. If the stoplight is green, you go. If the stoplight is not
green, you stop. Excel can make logical evaluations for you as long as you use the
proper structure.
Intermediate Excel – Page 8
The example
shown here uses
the "IF" function to
assign grades. In
this situation, the
class is graded on a
pass/fail basis.
Look at the
formulae in column
"C". The logical
test, compares the value in column "B" to a passing score. If the logical test is true, the
value "P" is displayed in the cell. If the logical test is false, "F" is displayed. (Text values
must be surrounded by quote marks, otherwise Excel thinks it is part of a cell reference
and complains!)
Do exercise 1 now!
Lookup Functions
The lookup functions (VLOOKUP and HLOOKUP) select a value from a table and enter
it into a location on the worksheet. For example, the VLOOKUP function may be used to
look up taxes on a tax table to create a payroll or to look up postage rates to complete a
bill of sale.
There are two ways to look up data, depending on the way the data is arranged: vertically
or horizontally. VLOOKUP (which stands for vertical lookup) looks up data in a
particular column in the table, while HLOOKUP (horizontal lookup) looks up data in a
particular row in the table.
The VLOOKUP function uses the following format and contains three arguments (parts):
=VLOOKUP(item, table_range, column_position)
ITEM is text, a value, or a cell reference of the item you are looking for (search item)
and should be in the first column of the VLOOKUP table. Numerical search items
should be listed in ascending order.
TABLE_RANGE is the range reference or range name of the lookup table in which the
search is to be made. If the lookup function is to be copied, the range should be
expressed as an absolute reference.
Intermediate Excel – Page 9
COLUMN_POSITION is the column number in the table from which the matching
value should be returned. The far left column has a position number of one; the second
column has a position number of two, etc.
NOTE: Column positions are counted from the left column in the range, not from the left
column of the worksheet.
The example
shown here
shows part of
a spreadsheet
set up to
assign grades
for a course
that is graded
A-F.
Look at the functions in column "C". The first item (B3) is the score which is going to be
looked up in a table. The range "F2:G6" (in absolute reference form) is the table
containing scores and letter grades. The final item (2) tells Excel to look in column 2 of
the table to find the value to place in the cell.
Do exercise 2 now!
Intermediate Excel – Page 10
Statistical Functions
Excel has a wealth of statistical functions available, many of which you may have to be a
statistician to understand. Also, just because the spreadsheet and computer can calculate a
sophisticated value, it does not mean that is accurate. While you can probably trust the
simpler functions, like AVERAGE, others may not be completely reliable. While
checking on some if the more advanced statistical functions, we found that some
calculated values differed from examples in a statistical text book! You have been
warned.
For this workshop, we will calculate a couple of statistical values: average, and standard
deviation. Since statistical functions are entered exactly like all of the other functions, the
best way to learn is by doing. Do exercise 3 now.
Do exercise 3 now!
An “Array” Function
Most functions return a single value to a single cell. However, there are functions which
return a number of values to a range of cells. An example of this is the “Frequency”
function which can determine the frequency distribution of a range of values. The most
obvious difference between these “Array” functions and the normal type is that you must
select a range of cells to receive the results. Another less obvious and non-intuitive
difference is in the final step of the Paste Function Wizard. Rather than simply clicking
the “OK” button when all of the arguments have been entered you must hold down both
the <Control> key and the <Shift> key while clicking OK. We will look at an example
of an Array Function in Exercise 4.
Do exercise 4 now!
Intermediate Excel – Page 11
List Boxes (and other ways to pick a number)
Many times in a “what if” scenario, you want to change a number in a specific cell to see
how it affects the various calculations. The simple way is to click on that cell and change
its value. However, there are several ways to change the value of a cell simply by
clicking a button, an arrow or picking from a list. Microsoft’s terminology for these
methods of changing the value of a cell are:
List Box
This is a box inserted into the spreadsheet that displays a list of values. The values are
usually contained in a group of cells. When one of the values is selected, the value of the
cell to which the box is linked will change according to the value chosen. For example if
the list has 3 items, when the first item is selected in the list box, the linked cell will
contain the number 1. When the second item in the list box is picked, the linked cell will
contain the number 2. And so on. This will become clear when you do the exercise. The
exercise will use all of the ways to change a cell’s value, so read on…
Combo Box
This is a variant of the list box where only the currently selected value is displayed. The
other values in the list are displayed from a drop-down list when the arrow is clicked.
Scroll Bar
Here a horizontal scroll bar is displayed in the spreadsheet. When scrolled, the value of
the linked cell is increased or decreased according to the properties defined for the scroll
bar. No values are displayed with a scroll bar.
Spinner
A spinner is essentially the vertical equivalent of a scroll bar. However, only the up and
down arrows are displayed with no bar between them.
Do exercise 5 now!
Intermediate Excel – Page 12
Financial Functions
Excel has a wealth of financial functions, many of which require a banker’s knowledge!
However, we will use one of the simpler ones to calculate loan payments.
Do exercise 6 now!
Intermediate Excel – Page 13
Exercise 1
Using the IF function
In a particular test we have decided that a result of .75 or above is a positive, less than
that is negative. We will create a spreadsheet that will evaluate numerical scores and tell
us whether the test for that sample was positive or negative.
1. Open a new spreadsheet and enter the table shown below. Start in row 4 so that
there is room above the table to enter our cutoff value .
Sample number
Value
1
.77
2
.60
3
.66
4
.80
5
.9
Pos/Neg
2. In cell A1 enter the label “Cutoff value”.
3. In cell B1 enter the value .75.
4. In cell C1 type the word “Positive”.
5. In cell D1 type the word “Negative”.
6. In the “Pos/Neg column for sample 1, activate the “Function Wizard”
7. From the "Function category" logical, choose the IF function.
8. Click on the colored square on the right of the "Logical_test" line and then click on
cell containing the value for sample 1. (You may have to move the dialog box out of
the way, or collapse it to click on the appropriate cells.) Next type the greater than
symbol (>). Now click on cell B1 to complete the formula. (If you collapsed the
dialog, expand it again before going to the next step.
9. Click in the Value_IF_true line and then in cell C1 to enter its reference.
10. Click in the Value_IF_false line and then in cell D1 to enter its reference.
11. Before clicking “OK” take a look at the cell references in the dialog box and
decide which should be made absolute! (Click on the reference and hit the <F4>
key to toggle the correct state.)
12. Now copy the function down the column. Remember how to copy by dragging a
"handle"?)
13. Test the spreadsheet by entering different values in cell "B1" and see how the test
results change.
Intermediate Excel Exercises – Page 1.
.
Exercise 2
Using the VLOOKUP function
1. Start with a new blank spreadsheet and enter the following data:
Sample
Data
Farm
ADG
1
2
3
4
5
6
7
8
9
10
1
0.9
1.5
1.2
1
0.9
1.8
1.7
1.4
1.6
For those unfamiliar with hog
farming, this exercise simulates
decision making based on the
Average Daily Gain (ADG) of
the growing hogs on the farm.
2. Move over to column "F" and enter the table below:
Cutoff
Table
ADG
0.8
0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
3.
4.
5.
6.
Net
Loss
Loss
Loss
Loss
Break even
Break even
Break even
Profit
Profit
Profit
Profit
With cell "C3" selected, click on the Activate the Function Wizard.
In the "Lookup & reference" category, select "VLOOKUP" and click "OK".
For the "Lookup_value" enter the cell "B3".
For the "Table_array" enter the range of cells that contain the table you just entered.
Just the numbers and Loss etc. do not include the headings.
7. Close the cell selection box.
Intermediate Excel Exercises – Page 2.
.
8. Hit the <F4> key to make the reference absolute. (Why?)
9. For the "Col_index_num" enter the value of "2" (no quotes).
10. Click the "OK" button. (What is displayed in cell "C3" now?)
11. Copy the function down the column. (Drag the handle!)
Notice that everything in your functions is a reference except the value for
"Col_index_num". There is no reason why that has to be a constant value! Let's make that
a reference too.
1. Add another column to your lookup table as shown below:
Cutoff
Table
ADG
0.8
0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
Net
Loss
Loss
Loss
Loss
Break even
Break even
Break even
Profit
Profit
Profit
Profit
Action
Have a nervous breakdown
Sell the farm
Hire a consultant
Try to cut some costs
Hope the price of feed drops
Hope the price of pork rises
Increase the herd size
Relax
Relax with a beer
Relax with champagne
Vacation in the Bahamas
2. In cell "D1" enter the text "Lookup column" and in "F1" the value "2" (no quotes).
3. Edit the formula in cell "C3" to extend the range to column "H". (Hint: Simply select
the cell and make the change in the formula bar. Hit <Enter> when finished.)
4. Change the "2" at the end of the formula to make it an absolute reference to cell
"F1".Copy the formula down the column. (Did the results change?)
5. Now change the value of cell "F1" to "3". (Did the results change now?)
6. Save this file (you can call it “Look_up” or something of your own choosing), we will
use it again in a later exercise.
Intermediate Excel Exercises – Page 3.
.
Exercise 3
Some Statistical Functions.
Close all of the workbooks you may have open. If you really feel attached to them, you
can save them on the floppy disk provided.
Open the workbook "Muzak.xls" on the floppy disk provided.
To save some time typing, this workbook contains the results from a series of
experiments on the effect of Muzak on litter size in swine. (Yes it is fictitious - no
experiment like this would ever have been approved by the animal use committee!) Each
column of data represents the individual litter sizes of each sow exposed to the number of
hours of Muzak in the top cell of the column. In this exercise, we will calculate the
average litter size for each treatment, as well as the standard deviations.
1. Select cell B16. Here we will calculate the average litter size for the control group
(Zero hours of Muzak).
2. Use the “Function” drop down list, choose the "Average" function and click the
"OK" button.
3. Excel will probably figure that we want to calculate the average of the entire column.
There are two ways to over-ride this selection. A) Edit the cell references in the
formula bar; and B) Grab either of the top corners of the selection box and drag it
down one row. Be careful to grab the corner. The cursor will be a diagonal double
headed arrow when it is over the corner.
4. Hit the “Enter” key to complete the entry
5. Click on cell B17 to select it.
6. Now use the “Function Wizard” to enter the function "STDEVP" with the same block
of cells as an argument. (Since the data in the spreadsheet represent the entire
population of test animals, the function for the Standard Deviation of the population
is appropriate.
7. Select both of the cells with functions and copy them across the columns to calculate
the values for each treatment. (Note: all cell references in these functions are relative.
Is this OK?)
Save this file back to the floppy disk - we may use it for a later exercise!
The next part of this exercise may have to be done as a demonstration, depending on
whether or not the "Analysis Toolpak" has been installed for the copies of Excel on the
computers provided.
One of the "Add-ins" for Microsoft Excel, called "Analysis Toolpak" provides a "one
click" method of carrying out a number of statistical analyses on your data. The
"Analysis Toolpak" comes on the CD with Microsoft Office 2000 and later, but is not
part of the default installation. To check for this add-in, go to the "Tools" menu and see if
Intermediate Excel Exercises – Page 4.
.
the last item is "Data analysis …". If it is there, follow along with the rest of this exercise
on your computer. If it is not, we’ll se if we can install it. Otherwise - just observe!.
1. From the "Tools" menu, choose "Data Analysis …". This brings up the dialog box
shown on the right. From
there you can select which
statistical procedure you want
to apply to your data.
2. For our example, we will
choose "Descriptive
Statistics" and click "OK"
3. In the next dialog box, click in
the “Input Range” line and
select the data on which you
wish to calculate the statistics.
(make sure you do not select
the heading row or the calculated values
at the bottom!)
4. In the bottom area of the dialog box,
make sure the radio button for "New
Worksheet Ply" is checked to place our
results in a new worksheet and give it a
name.
5. Also in the bottom area, check the box
for "Summary statistics" to tell Excel
what to calculate.
6. Click "OK" and it's done!
Excel will create a new worksheet and insert
a table with values for :
Mean, Standard Error, Median, Mode,
Standard Deviation, Sample Variance, Kurtosis, Skewness, Range, Minimum, Maximum,
Sum, and Count
Depending on the procedure selected in the first dialog box, different input and output
ranges/values will be required.
Intermediate Excel Exercises – Page 5.
.
Exercise 4
An Array Function
We will calculate a frequency distribution using some of the data in the “Muzak.xls”
workbook.
1. Open the “Muzak.xls” workbook on the disk provided.
2. In column H, enter the cutoffs for the upper limits of
each frequency range. (Excel’s name for this set of
Bins_Array Frequency
numbers is the “Bins_Array”. (See table on right.)
0
3. Enter a heading for the frequencies in cell I1
3
(“Frequency” is a good enough heading!)
6
4. Select the range of cells indicated by the shading in
9
the table on the right. (Note: It is good practice to
12
select an extra cell below the last entry in the
15
Bins_Array. Excel will use this cell for the number of
values above our specified ranges, if there are any.)
5. Activate the Function Wizard and select the “Statistical” category.
6. Find the function “Frequency” and select it.
7. For the “Data_Array” select the data in the “24 hours” of Muzak column. (Make sure
you do not select the heading cell containing the value 24!)
8. For the “Bins_Array” select the values you just entered for the upper limits cutoffs.
9. While holding down the <Control> and <Shift> keys click the “OK” button.
There are few enough values in our sample for you to check that Excel has calculated the
correct frequencies.
 What happens when you change the values in the “Bins_Array”?
 What happens when you change some of the data in the 24 hour column? (Try
changing one of the values to something beyond our expected range.)
Intermediate Excel Exercises – Page 6.
.
Exercise 5
How to change the value of a cell
You will work on the workbook you created earlier, in exercise 2 on the “VLookup”
function. If you did not manage to finish exercise 2, there is a file on the floppy provided
called “Sample_Lookup”. Use that instead.
To complete the various parts of this exercise you will need to display the “Forms”
toolbar. If it is not already displayed, click on the “View” menu and select “Toolbars”,
then “Forms”. The “Forms” toolbar will be displayed as a floating toolbar, usually on the
right side of the screen.
We will also need some additional data for some of these controls to use. So that we are
all using the same cells, enter the following:
Cell D1 ............ Display type ->
(That’s a hyphen and greater than to look
like an arrow)
Cell E1 ............ Delete any contents and add shading to make it easy to find
Cell L1 ............ Display types
Cell L2 ............ Simple
Cell L3 ............ Verbose
Cell L4 ............ None
Cells I3:I13...... Enter a space (hit the spacebar once, more will not hurt!). This is to
make sure that the column next to the last column of comments
contain spaces. (Challenge! Can you do it to all of the cells at
once?)
The List box.
Insert a “List box” in the spreadsheet, I suggest under the data on the left side, to leave
room for the other controls. To add the List Box, click on the “List box” button on the
“Forms” toolbar (left column, about the middle) and then click the left mouse button and
drag over a section of the spreadsheet to “draw” the List Box. Make it about a cell and a
half wide by three cells deep. When you let go of the mouse button you will see the
empty List Box. To assign its list and link it to a cell, click on it with the RIGHT mouse
button. This brings up a menu. Choose “Format Control” (last one on the list). In the
dialog box that pops up, click on the line for “Input range” and select the three cells
containing the words “Simple” , “Verbose” and “None”. Now click in the line for “Cell
link” and select the blank cell you applied shading to (F1). Leave the “Selection type” at
single. You can check the box for “3-D shading” or not – your choice. Now click the
“OK” button to close the dialog box. You will have to click somewhere outside of the
List Box to de-select it before you can see it work.
The List Box should now contain the words “Simple”, “Verbose” and “None”. Click on
each of the words in turn and note that the value in cell F1 changes with each click.
Now we need something to change depending on the value of cell F1! Click on the cell
that contains the first of the “Vlookup” functions (probably cell C3). Edit this cell so that
the last item (a “2”) is now $F$1+1 (make sure the cell reference is absolute). We have
to add 1 to the value of cell F1 because the List Box will only insert the values “1”,
Intermediate Excel Exercises – Page 7.
.
“2”and “3”, but we need to choose “2”, “3” and “4” for the “Column index number” in
the Vlookup function. Also change the range for the “Table_Array” to include one more
column. The function (formula) should read “=VLOOKUP(B3,$F$3:$I$13,$F$1+1)”,
the bolded characters are the required changes.
(If your spreadsheet has parts in different locations from the sample, the following table
should help you put the right data in the “VLOOKUP” function:
Sample
contents
B3
$F$3:$I$13
$F$1+1
What the cells represent
The cell containing the value to be looked up
The table containing the text to be inserted as a comment
The cell which will be controlled by the list box (+1!). This is the
column index value in the VLOOKUP function
Copy the newly edited cell down the column. Now click in the List Box and watch the
table change.
Combo Box
Insert a “Combo box” in the spreadsheet, I suggest to the immediate right of the List Box.
To add the Combo Box, click on the “Combo box” button on the “Forms” toolbar (right
column, about the middle) and then click the left mouse button and drag over a section of
the spreadsheet to “draw” the Combo Box. Make it about a cell and a half wide by two
cells deep. When you let go of the mouse button you will see the empty combo Box. To
assign its list and link it to a cell is exactly the same as for a List Box. Click on it with
the RIGHT mouse button. This brings up a menu. Choose “Format Control” (last one
on the list). In the dialog box that pops up, click on the line for “Input range” and select
the three cells containing the words “Simple”, “Verbose” and “None”. Now click in the
line for “Cell link” and select the blank cell you applied shading to (F1). You can have
multiple controls affecting the same cell. Change the “Drop down lines” to 3, since we
only have 3 values! (If you set this value to less than the number of items in the list you
will have to scroll.)You can check the box for “3-D shading” or not – your choice. Now
click the “OK” button to close the dialog box. You will have to click somewhere outside
of the Combo Box to de-select it before you can see it work.
Try it out! Use the down arrow to show the list and pick one. Notice when you change
the value of cell F1 with the Combo Box, the display in the List box also changes. It’s all
tied together.
Scroll Bar
Use the “Forms” toolbar to add a Scroll Bar to the spreadsheet. A good place to put it is
right beside the Combo Box. It can be the same size as the other two control features.
Once it is in place, RIGHT click on it and choose “Format control” from the pop-up
menu to set its properties. The only values you need to change are: “Minimum value” –
set it to 1; and “Maximum value” – set it to 3. (Note, if we had been doing this from
scratch, we would have set the minimum to 2 and maximum to 4 so that the “Column
Intermediate Excel Exercises – Page 8.
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index number” in our Vlookup function would not have had to be the cell reference plus
1.) Set the “Cell link” to the blank cell you applied shading to (F1). The “Page change”
value determines how much the scroll bar moves when you click between the bar and one
of the buttons. With only three values in our example, set this to “1”. For long lists it may
be more useful to use a higher number. After you get it working, try changing it to “2” to
see what happens to its behavior.
Spinner
Go ahead and add a “Spinner” control to your spreadsheet. You will find it very similar
to the scroll bar in function and setup.
Which control to use?
It is going to depend on how long the list is. A List Box only needs one click, but more
than 3 or 4 in the list is going to make it big. A Combo Box takes up less space, but
requires two mouse clicks to choose the value. The Scroll Bar and Spinner are good for
moving sequentially through values. For long lists, the Scroll Bar allows you to drag the
bar to the approximate value and the use the arrows to fine tune.
Why not use more than one? Since multiple controls can act on the same cell and
automatically update when the cell changes, a Scroll Bar to select a value with a Combo
Box to display it may be a good choice. Personal preference will often determine your
choice.
Intermediate Excel Exercises – Page 9.
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Exercise 6
Calculating loan payments
In this exercise you will become familiar with entering and editing built-in Excel
functions. You will be able to use formatting buttons on the “Formatting” toolbar. You
will understand and be able to apply the concept of “Relative” and “Absolute” cell
references.
1. Open a new, blank workbook
2. Enter a row of headings
as a reminder of the
values necessary to use
Excel’s loan calculation functions. These are shown in the figure above. (Some of
these values will be calculated to convert “normal” units to what Excel expects.)
3. In the row immediately under the headings, enter values for the Principal Amount,
Annual Percentage Rate and Number of years to pay off the loan. By all means use
your own figures: calculate car payments, figure out a mortgage! Since a loan is a
negative amount of money, make sure you enter a minus sign before the
principal amount, otherwise your payments and interest will be negative! Also –
enter the interest rate as a decimal, e.g. 5% = .05.
4. Since Excel’s functions require monthly interest rates, enter the formula to calculate
this in the appropriate cell (eg. = Rate (yrly)/12).
5. Similarly enter a formula to calculate the number of monthly payments (# years * 12)
in the appropriate cell.
6. Enter a row of headings further down the spreadsheet for columns to list various
aspects of monthly
payments as shown.
7. Under the “Payment
#” heading, enter a sequence of numbers from 1 to the total number of payments (or
more if you want more options).
8. Under the “Total” column, enter the function to calculate the monthly payment
(PMT{arguments}) (You will be copying this function down the column. How many of
the cell references need to be absolute?)
9. Under the “Interest” heading, enter the function to calculate the amount of interest for
the first payment (IPMT{arguments}). (Which references need to be absolute and
which relative?)
10. Under the “Principal” heading enter a formula to calculate the amount paid to
principal (Total minus Interest). (Think about absolute and relative!)
11. Under the “Balance” heading, enter a formula to calculate the balance left on the
principal after the first payment (Original Principal PLUS the value in the “Principal
Paid” column – remember that your loan is a negative amount). You can leave the cell
references relative since you will need to enter a slightly difference version of this
formula in the next row.
Have you saved your work?
Intermediate Excel Exercises – Page 10.
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12. Copy the formulae/functions for “Principal Paid”, “Interest”, and “Total” down one
row.
13. Enter a formula to calculate the balance after the second payment.
14. Copy all of the formulae/functions down as far as you generated numbers.
Quick Tip:
 Select the row you want to copy
 Scroll down to the bottom of your worksheet and <Shift>+Click on the bottom
rightmost cell you want filled with the formulae
 Hold down the <Control> key and press the letter “D” (For “Down”!)
 Excel “Fills Down” the selected area with the requested formulae.
Save your work!
Play with your spreadsheet!
 Try changing some of your original values to see what it does to your total payment.
 What if you can re-negotiate the interest rate?
 What if you reduced the length of the loan?
 How about adding a “Sum()” function to see how much interest you pay over the
length of the loan?
 Can you find the “hump” payment (when you start paying more off the principal than
to interest)?
You may wish to save this simple little spreadsheet for future use!
Also included in the sample files provided is a much more sophisticated Load Repayment
calculator from Microsoft’s Web site. The file is called
“Loan_calc_from_Microsoft.xls”. Check it out to see what Excel can do, when you
know what you are doing with it!
Intermediate Excel Exercises – Page 11.
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