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Excel | Advanced IFs exercise | Interest Rates - Single IF
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Open the file contained within the folder name shown above.
We want to use an IF to calculate the Interest Earned
In cell B2, create an IF Function to calculate the interest earned. Use this to help you:
- If the balance >= 85000 then the interest rate is 7.5%
- If the balance is lower, the interest rate is 5%
Remember the structure of the IF function is:
=IF ( CONDITION, ACTION IF TRUE, ACTION IF FALSE )
Copy your IF function down the rest of the column to calculate the other interest figures.
In cell C2, create an IF function to display a message to say which interest rate has been applied. Use this to help you:
- If the balance >= 85000, the message is High Rate
- If the balance is lower, the message is Low Rate
This time your IF function displays text messages
Copy your IF function down the rest of the column to calculate the other messages.
Change the amounts for the threshold and high and low interest rates to check that your formulae are working correctly.
Use Save As... to save your file in your own new Excel work folder.