Chapter 6. Products: Goods and Services. Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion. Also, provide a graduate-level response to each of the following questions: Some companies have traditionally been known for their excellence in tangibles, e.g., Xerox in copiers, IBM in computers, who now describe themselves as primarily service companies. Do you agree? What does it take for a company to declare itself as a service organization (e.g., a percentage of business, a certain strategy or mission)? What would it take for you to believe such a claim? [Your post must be substantive and demonstrate insight gained from the course material. Postings must be in the student's own words - do not provide quotes!] [Your initial post should be at least 750+ words and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review] Evaluation of posts and responses: Your initial posts and peer responses will be evaluated on the basis of the kind of critical thinking and engagement displayed. The grading rubric evaluates the content based on seven areas: Content Knowledge & Structure, Critical Thinking, Clarity & Effective Communication, Integration of Knowledge & Articles, Presentation, Writing Mechanics, and Response to Other Students.

Sierra Pacific Community College District (SPCCD) consists of four individual community colleges. The workbook for this project includes an amortization schedule for student loans and a fee and credit hour summary for several departments.[Student Learning Outcomes 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 2.7]File Needed: SierraPacific-02.xlsx (Available from the Start File link.)Completed Project File Name:[your name]-SierraPacific-02.xlsxSkills Covered in This ProjectName cell ranges.Create and copy formulas.Set mathematical order of operations.Use absolute references in formulas.Insert the current date as a function.Use the PMTAudit formulas.Use SUMIF and SUMPRODUCT. Open the SierraPacific-02.xlsx start file. If the workbook opens in Protected View, click the Enable Editing button so you can modify it. The file will be renamed automatically to include your name. Change the project file name if directed to do so by your instructor, and save it.NOTE: If group titles are not visible on your Ribbon in Excel for Mac, click the Excel menu and select Preferences to open the Excel Preferences dialog box. Click the View button and check the Group Titles check box under In Ribbon, Show. Close the Excel Preferences dialog box.Set range names for the workbook. Select the Student Loan sheet, and select cells B5:C8. Click the Create from Selection button [Formulas tab, Defined Names group]. Verify that the Left column box in the Create Names from Selection dialog box is selected. Deselect the Top row box if it is checked and click OK. Select cells E5:F7. Repeat steps a−d to create range names. Click the Define Name button [Formulas tab, Defined Names group] to view the names in the Define Name dialog box (Figure 2-90-Mac). Notice that the cell references are absolute.Figure 2-90-Mac Define Name dialog box Click Close.Enter a PMT function. Select C8. Click the Financial button [Formulas tab, Function Library group] and select PMT. Click the Rate box and click cell C7. The range name Rate is substituted and is an absolute reference. Type /12 immediately after Rate to divide by 12 for monthly payments. Click the Nper box and click cell C6. The substituted range name is Loan_Term. Type *12 after Loan_Term to multiply by 12. Click the Pv box and type a minus sign (-) to set the argument as a negative amount. Click cell C5 (Loan_Amount) for the pv argument. A negative loan amount reflects the lender’s perspective, since the money is paid out now (Figure 2-91-Mac).Figure 2-91-Mac Pv argument is negative in the PMT function Leave the Fv and Type boxes empty. Click Done. The payment for a loan at this rate is $186.43, shown as a positive value. Verify or format cell C8 as Accounting Number Format to match cell C5.Create a total interest formula. Click cell F5 (Total_Interest). This value is calculated by multiplying the monthly payment by the total number of payments to determine total outlay. From this amount, you subtract the loan amount. Type = and click cell C8 (the Payment). Type * to multiply and click cell C6 (Loan_Term). Type *12 to multiply by 12 for monthly payments. Values typed in a formula are constants and are absolute references. Type – immediately after *12 to subtract. Click cell C5 (the Loan_Amount). The formula is Payment * Loan_Term * 12 – Loan_Amount. Parentheses are not required, because the multiplications are done from left to right, followed by the subtraction (Figure 2-92).Figure 2-92 Left-to-right operations Press Enter. The result is $1,185.81.Create the total principal formula and the total loan cost. Select cell F6 (Total_Principal). This value is calculated by multiplying the monthly payment by the total number of payments. From this amount, subtract the total interest. Type = and click cell C8 (the Payment). Type * to multiply and click cell C6 (Loan_Term). Type *12 to multiply by 12 for monthly payments. Type – immediately after *12 to subtract. Click cell F5 (the Total_Interest). The formula is Payment * Loan_Term * 12 – Total_Interest. Press Enter. Total principal is the amount of the loan. Click cell F7, the Total_Cost of the loan. This is the total principal plus the total interest. Type =, click cell F5, type +, click cell F6, and then press Enter.Set order of mathematical operations to build an amortization schedule. Click cell B13. The beginning balance is the loan amount. Type =, click cell C5, and press Enter. Format the value as Accounting Number Format. Select cell C13. The interest for each payment is calculated by multiplying the balance in column B by the rate divided by 12. Type = and click cell B13. Type *( and click cell C7. Type /12). Parentheses are necessary so that the division is done first (Figure 2-93).Figure 2-93 The interest formula Press Enter and format the results (37.5) as Accounting Number Format. Select cell D13. The portion of the payment that is applied to the principal is calculated by subtracting the interest portion from the payment. Type =, click cell C8 (the Payment). Type -, click cell C13, and press Enter. From the first month’s payment, $148.93 is applied to the principal and $37.50 is interest. Click cell E13. The total payment is the interest portion plus the principal portion. Type =, click cell C13, type +, click cell D13, and then press Enter. The value matches the amount in cell C8. Select cell F13. The ending balance is the beginning balance minus the principal payment. The interest is part of the cost of the loan. Type =, click cell B13, type -, click cell D13, and then press Enter. The ending balance is $9,851.07.The table shows the formulas in row 13 after you complete Step 6.Formulas in cells B13:F13B13=Loan_AmountC13=B13*(Rate/12)D13=Payment-C13E13=C13+D13F13=B13-D13Fill data and copy formulas. Select cells A13:A14. This is a series with an increment of 1. Drag the Fill pointer to reach cell A72. This sets 60 payments for a five-year loan term. Select cell B14. The beginning balance for the second payment is the ending balance for the first payment. Type =, click cell F13, and press Enter. Double-click the Fill pointer for cell B14 to fill the formula down to row 72. The results are zero (displayed as a hyphen in Accounting Number Format) until the rest of the schedule is complete. Select cells C13:F13. Double-click the Fill pointer at cell F13. All of the formulas are filled (copied) to row 72 (Figure 2-94).Figure 2-94 Formulas copied down columns Scroll to see the values in row 72. The loan balance reaches 0. Press fn+Ctrl+Left Arrow or fn+Cmd+Left Arrow.Build a multiplication formula. Click the Fees & Credit sheet tab and select cell F7. Credit hours times number of sections times the fee calculates the total fees from a course. Type =, click cell C7, type *, click cell D7, type *, click cell E7, and then press Enter. No parentheses are necessary because multiplication is done in left to right order (Figure 2-95).Figure 2-95 Formula to calculate total fees per course Double-click the Fill pointer for cell F7 to copy the formula. Verify that cells F7:F18 are Currency format. Set a single bottom border for cell F18.Use SUMIF to calculate fees by department. Select cell C26. Click the Math & Trig button [Formulas tab, Function Library group] and select SUMIF. Click the Range box and select cells B7:B18. This range will be matched against the criteria. Make the reference absolute. Click the Criteria box and select cell B26. Click the Sum_range box, select cells F7:F18. Make the reference absolute. Click Done. Total fees for the Biology department are 13350 (Figure 2-96).Figure 2-96 Function Arguments dialog box for SUMIFCopy a SUMIF function. Click cell C26 and drag its Fill pointer to copy the formula to cells C27:C29 without formatting to preserve the borders (Figure 2-97).Figure 2-97 Formula is copied without formatting Format cells C26:C29 as Currency.Use SUMPRODUCT and trace an error. Select cell D26 and click the Formulas tab. Click the Math & Trig button in the Function Library group and select SUMPRODUCT. Click the Array1 box and select cells C7:C9, credit hours for courses in the Biology Department. Click the Array2 box and select cells D7:D9, the number of sections for the Biology Department. Click Done. The Biology Department offered 98 total credit hours. Click cell D26 and point to its Trace Error button. The formula omits adjacent cells in the worksheet but it is correct. Click the Trace Error button and select Ignore Error.Copy and edit SUMPRODUCT. Click cell D26 and drag its Fill pointer to copy the formula to cells D27:D29 without formatting to preserve the borders. Click cell D27 and click the Insert Function button in the Formula bar. Select and highlight the range in the Array1 box and select cells C10:C12. The range you select replaces the range in the dialog box (Figure 2-98).Figure 2-98 Replace the ArrayN arguments Select the range in the Array2 box and select cells D10:D12. Click Done. Edit and complete the formulas in cells D28:D29 and ignore errors.Insert the current date as a function. Select cell F20. Type =TODAY() Press Enter. Press fn+Ctrl+Left Arrow or fn+Cmd+Left Arrow.Paste range names. Click the New sheet button in the sheet tab area. Name the new sheet Range Names. Press FN+F3 to open the Paste Name dialog box. Click the Paste List button. AutoFit columns A:B. Save and close the workbook (Figure 2-99).Figure 2-99 Excel 2-3 completed Upload and save your project file. Submit project for grading.