Budget Planning for a Dream Vacation with Friends

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You are going on a dream vacation with five of your closest friends for a week. Since you are taking a math course, your friends asked you to come up with a budget to see how much it will cost each of you. Please identify your location in the US (input in Cell D2) and then determine the total costs (for everyone going) - remember to be thorough so the group does not run out of money. Your expense list must include the following (this means that you cannot book an all-expenses paid trip):

•Travel expenses, such as plane or bus fare, local travel within the area.

•Lodging expenses. If you plan to camp, you will include expenses for your camping gear.

•Food expenses while you are on your trip. One way to do this is to research cost of living in your destination county to find out what a local family would expect to budget to pay for food. Another is to research local restaurants and groceries.

•Entertainment or activity expenses and/or miscellaneous expenses that may occur.

Transportation
Item	Qty	Price each	Total price	Source
Description	numbers	Number or NA	Formulas	Link or citation
(Add rows as needed)
Lodging
Item	Qty	Price each	Total price
Description	numbers	Number or NA	Formulas	Link or citation
(add rows as needed)
Food
Item	Qty	Price each	Total price
Description	numbers	Number or NA	Formulas	Link or citation
(add rows as needed)
Entertainment and Misc.
Item	Qty	Price each	Total price
Numbers	numbers	Number or NA	Formulas	Link or citation
(add rows as needed)

Requirements: Answer each question fully. Answers must be recorded on the worksheet

Location identified	2
Travel Expenses identified and calculated for the entire group with an Excel formula	9
Lodging Expenses identified and calculated for the entire group with an Excel formula	9
Food Expenses identified and calculated for the entire group with an Excel formula	9
Entertainment Expenses identified and calculated for the entire group with an Excel formula	9
Total Budget	7
Budget Expenses total	45	0

	Possible Points	Points Earned
PMT Calculation	12
Total cost of Loan	6
Total Interest Paid	4
Explain in 25 to 100 words which loan is the best option and why.	8
Question 2 total	30	0

Mean, Median, Mode	9
Range, Minimum, Maximum	9
Standard Deviation	4
z-Score	4
Set up of Bins (Low and High Formulas)	8
Frequency Columns	8
Histogram	8
Stats total	50	0

Suppose you all decide you want to finance the trip with a loan. Find two different available offers (the internet is a good source). Make sure the interest rate and loan length are both different in each option. Calculate the monthly payment amount, the total amount you will pay over the life of the loan and the total interest you will pay.

Note: You can find loan rates on major bank and credit union websites without providing personal information, feel free to use one of the links here.

Loan payment formula: PMT = P*(r/n)/(1 - (1 + r/n)^(-n*t))

PMT is the payment required to pay off a loan of $P at interest rate, r%, compounded n times per year for t years.

You must use Excel formulas including cell references to calculate the loan payment, total paid and interest paid.

Using the randomizing data set of 102 heights provided and using Excel formulas with cell references find the following Descriptive Statistics:
• Mean
• Median
• Mode
• Range
• Minimum
• Maximum
• Standard deviation
• The z score for your height (use the computed mean and standard deviation)

Also, using Excel formulas with cell references complete the following:
• Frequency distribution
• Histogram – Create a Graphical Representation of the Data

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