Help needed

  • Thread starter Thread starter Vanessa Kehoe
  • Start date Start date
V

Vanessa Kehoe

I'm currently in the middle of doing an assignment for college on models for
decision making using excel. One of the question I am asked is to give a
description of the inputs, assumptions and output in the model. I understand
everything but the assumptions. Could anyone shed some light on this for me?

The assignment is dealing with the PMT function in excel.

Thanks in advance.
Vanessa
 
Hi Vanessa

here's a hint

from help (ver 2003)

[the] PMT [function] - Calculates the payment for a loan based on constant
payments and a constant interest rate.

Cheers
JulieD
 
Thanks for that but what i have to do it write a brief note expaling the
inputs etc for the model i used to work out the PMT of a loan on a car.
Would assumptions be that there are 12 months in a year and that you will be
able to pay back the loan?
 
Hi Vanessa

not if i was marking it ... :)

not trying to be a pain, but i think it's important that if the work is for
an assignment that hints & advice are given but not the answers ... read the
line from help again that i put in my last post ... there's two assumptions
listed there :) IMHO the last assumption listed in the killer when it comes
to the usefulness of the PMT function.

Cheers
JulieD
 
Thanks for your help Julie I think I understand it now, just didn't think it
would be something as obvious as that.
 
Assumptions frequently are the obvious things that everyone thinks of -
generally - but are important to state overtly because others may have
a different way of doing it.

For example, you could talk about a baseball game and assume that
everyone knows you mean 9 innings. But Little Leaguers play 6 inning
games. Babe Ruth League games are 7 innings for 13-15yos. In the
Minors, the second game of a double header is only 7 innings.

Or maybe you are in Alaska and a playing a midsummer charity game and
plan to play 24 hours straight, because the sun never sets....
 
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