Question

In: Finance

Which of the following is an example of using the "or" function within the "if" conditional function? Interest Rate 10% if Loan amount is less than $3000

Which of the following is an example of using the "or" function within the "if" conditional function?

Interest Rate 10% if Loan amount is less than $3000

Interest Rate=10% if the loan amount is more than $3000

None of the other answers is true

Interest Rate 10% if the loan amount is less than $3000 or 15% if equal to or greater.

Expert Solution

The right option is (3).

None of the other answers are is true.

Explanation:

We try to write excel function for each of the statements here.

= IF(logical test, value if true, Value if false)

Statement 1, assume A1 cell contains loan amount,

= IF(A1<3000,"interest rate 10%","")

For statement 2,

= IF(A1>3000,"Interest rate 10%","")

For statement 4

= IF(A1<3000,"interest rate 10%","interest rate 15%")

Since there is no need to use OR function in any of the given statements 1, 2 or 4.

We can say that Option 3 is correct, that is none of the answers are true.

Hafiz answered 1 year ago

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