This document explains the use of the PMT function in Excel to calculate monthly payments for car loans and mortgages. It covers fundamental concepts of loans, including key terms and how to summarize data in a workbook. Additionally, it provides step-by-step instructions for using the PMT function, including handling down payments for mortgages.
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Functions For Personal Finance
This document explains the use of the PMT function in Excel to calculate monthly payments for car loans and mortgages. It covers fundamental concepts of loans, including key terms and how to summarize data in a workbook. Additionally, it provides step-by-step instructions for using the PMT function, including handling down payments for mortgages.
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Download as PDF or read online on Scribd
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2.3 Functions for Personal Finance
Teese
Understand the fundamentals of loans.
2. Use the PMT function to calculate monthly car loan payments.
3. Use the PMT function to calculate monthly mortgage payments on a house using a down pay-
ment,
4. Learn how to surnmarize data in a workbook by using worksheet links to create a summary
worksheet,
In this section, we continue to develop the Personal Budget workbook. Notable items that are
missing from the Budget Detail worksheet are the payments you might make for a car or a home.
This section demonstrates Excel functions used to calculate loan payments for a car and to calcu-
late mortgage payments for a house.
THE FUNDAMENTALS OF LOANS AND LEASES
One of the functions we will add to the Personal Budget workbook is the PMT function. This func-
tion calculates the payments required for loan repayment. However, before demonstrating this
function, itis important to cover a few fundamental concepts on loans.
Aloan is a contractual agreement in which money is borrowed from a lender and paid back over a
specific period of time. The amount of money that is borrowed from the lender is called the prin-
cipal of the loan. The borrower is usually required to pay the principal of the loan plus interest.
When you borrow money to buy a house, the loan is referred to as a mortgage. This is because
the house being purchased also serves as collateral to ensure payment. In other words, the bank
can take possession of your house if you fail to make loan payments. As shown in Table 2.5, there
are several key terms related to loans.
Table 2.5 Key Terms for Loansa DIANE SHINGLEDECKER
Term Definition
Collateral Any item of value that is used to secure a loan to ensure payments tothe lender
The amount of cash pald toward the purchase ofa house. I'you are paying 20% down, you are paying 20% of he cost af the
house in cash and are borrowing the rest from a ender
‘Te interest thats charged tothe borrower as acost for borrowing money
Mortgage loan where propery is put up for collateral
Principal The amount of money that has been borrowed
Residual the estimated selling price of a vehicle at a future point in time
Length The amount of time you have to repay a loan
Figure 2.31 shows an example of an amortization table for a loan. A lender is required by law to
provide borrowers with an amortization table when a loan contract is offered. The table in the fig-
ure shows how the payments of a loan would work if you borrowed $100,000 from a lender and
agreed to pay it back over 10 years at an interest rate of 5%. You will notice that each time you
make a payment, you are paying the bank an interest fee plus some of the loan principal. Each
year the amount of interest paid to the bank decreases and the ammount of money used to pay off
the principal increases. This is because the bank is charging you interest on the amount of princi-
pal that has not been paid. As you pay off the principal, the interest rate is applied to a lower num-
ber, which reduces your interest charges. Finally, the figure shows that the sum of the values in
the Interest Payment column is $29,505. This is how much it costs you to borrow this money over
10 years. Indeed, borrowing money is not free. It is important to note that to simplify this example,
the payments were calculated on an annual basis. However, most loan payments are made on a
monthly basis.BEGINNING EXCEL 2019 8
Annual Interest Rate!
Terms in Years|
w
4 Loan Principal] $ 100,000
For each year. the Interest Payment
5 | Annual Payments| $12,950 plus the Principle Payment is
6 $12,950.
P Amortization Table for Loan
Beginning
8 Year Principal Balance
9 4 $ 5,000|$ _7,950|$ 100,000
10 2 $ 4602|$ 8,348 |$ 92,050
uu 3 $4,185|$ 8,765/$ 83,702
12 4 $ 3.747|$ 9.204 | $ 74,936
13 5 $ 3,287|$ 9,664 /$ 65,733
14 6 $ 2,803[$ 10,147|5 56,069
15 7 $ 2,296 |$ 10,654 |$ 45,922
16 8 $ 1,763|$ 11,187 |$ 35,267
7 9 $ 1,204|$ 11,746|$ 24,080
18 10 $A617|$ 12,334 /$ 12,334
Total for this column
is $29,
Figure 2.31 Example of an Amortization Table
‘At the end of year 10, the
loan is paid in full.
THE PMT (PAYMENT) FUNCTION FOR LOANS
Data file: Continue with CH2 Personal Budget.
Ifyou own a home, your mortgage payments are a major component of your household budget. If
you are planning to buy a home, having a clear understanding of your monthly payments is critical
for maintaining strong financial health. In Excel, mortgage payments are conveniently calculated
through the PMT (payment) function. This function is more complex than the statistical functions129 DIANE SHINGLEDECKER
covered in Section 2.2 "Statistical Functions". With statistical functions, you are required to add
only a range of cells or selected cells within the parentheses of the function, also known as the
argument. With the PMT function, you must accurately define a series of arguments in order for
the function to produce a reliable output. Table 2.6 lists the arguments for the PMT function. It is
helpful to review the key loan terms in Table 2.5 before reviewing the PMT function arguments.
Table 2.6 Arguments for the PMT Function
Argument. Definition
‘This isthe interest rate the lender is charging the borrawer. The interest ate fs usualy quoted in annual terms, 50 you nave:
Rate _toaivde tis rate by 12 if you are calculating monthly payments
The argument leters stand for number of periods. This the term ofthe oan, which Is the amount of time you have to
Nper repay the bank. This s usualy quoted in years, s0 you have to multiply he years by 12 you are calculating marty
payments,
Pv ‘The argument letters stand for present value. This is the principal ofthe loan or the amount of money that fs borrowed,
‘The argument letters stand for future value, The brackets around the argument indicate that is not always necessary to
[Fv] define’ ic usee there is ]2 kmp-sum payment oat wil be mage athe end of the loan terme, Ts fs aleo used for the
residual value ofa lease. If stis not defined, Excel wil assume that tf eto
This argument can be defined with either a 1 or a0, The number 1 is used f payments are made atthe beginning of each
Iypel period, ADIs used if payments are made at the end of each period The argument i in brackets because does not have to
Betdetined if payments are made atthe end of each period, Excel assumes that this argument is Oifits not defined,
By default, the result of the PMT function in Excel is shown as a negative number. This is because
it represents an outgoing payment. When making a mortgage or car payment, you are paying
money out of your pocket or bank account. Depending on the type of work that you do, your
employer may want you to leave your payments negative or they may ask you to format them as
positive numbers. In the following assignments, the payments calculated using the PMT function
will be made positive to make them easier to work with. To do this, you will place a negative sign
between the equal sign and the function name PMT.
We will first use the PMT function in the Personal Budget workbook to calculate the monthly loan
payments for a car. These calculations will be made in the Loan Payments worksheet and then
displayed in the Budget Summary worksheet through a cell reference link. So far we have demon-
strated several methods for adding functions to a worksheet. When working with more complex
functions such as the PMT, it is easiest to use the Function Dialog box.
Remember to use cell references for the arguments of the PMT function whenever possible. This
will allow you the flexibility to change aspects of the loan, such as a lower interest rate or more
expensive car, and have the payment automatically recalculate.
The following steps use the Insert Function com-
mand covered in Section 2.2 to add the PMT
function:
Using cell references for the
arguments provides greater
flexibility in trying different
1. Switch to the Loan Payments work- scenarios.
sheet.
2. Click cell BSBEGINNING EXCEL 2019 0
1.
12.
13,
14,
15,
16.
17.
18.
Click the Formulas tab on the Ribbon.
Click the Insert Function button to bring up the Insert Function dialog box.
Type loan payment in the search box and click Go.
G the Excel for Mac search box does is not the same as the “Search for a function: input
box”, Mac Users must type: PMT in the search box instead. Then press Enter.
Double-click the PMT option in the “Select a function:” box. This will open the Function
Arguments dialog box.
Drag the Function Arguments dialog box out of the way so that you can see the work-
sheet cells you want to use in the function. Refer to Figure 2.31 for the com-
pleted Function Arguments dialog box as you complete the next
steps.
Click in the Rate argument box in the dialog box, then click cell B3 in the worksheet. This
will add B3 (the annual interest rate) to the Rate argument.
Type a forward slash / for division.
Type the number 12. Since our goal is to calculate the monthly payments for the loan, we
need to divide the rate, which is stated in annual terms, by 12. This converts the annual rate
to a monthly rate.
Click the Nper argument box (or use the Tab key) and then click cell B4 in the worksheet.
This will add B4 (the number of years to repay the loan) to the Nper argument.
Type an asterisk * for multiplication.
Type the number 12. Since our goal is to calculate the monthly payments for the loan, we
need to multiply the terms of the loan by 12. This converts the terms of the loan from years to
‘months.
Click the Pv argument box (or use the Tab key) and then click cell B2 in the worksheet.
This will add B2 (the amount of the loan) to the Pv argument.
You will now see the Rate, Nper, and Pv arguments defined for the function. (see Figure
231)
Click the OK button at the bottom of the Function Arguments dialog box. The function
will now be placed into the worksheet. Since we are not paying any lump sums of money
at the end of the loan, there is no need to define the Fv argument. Also, we will assume
that the monthly payments will be made at the end of each month. Therefore, there is
no need to define the Type argument.
Notice that the result of the formula in cell BS is showing as a negative number (see Fig-
ure 2.32). To fix this, double-click on cell BS and type a negative sign between the equal
sign and the letters PM the formula (see Figure 2.33).
The finished formula in cell BS should be =-PMT(B3/12,B4*12,B2)81 DIANE SHINGLEDECKER
Figure 2.31 shows the completed Function Arguments dialog box for the PMT function. Notice that
the dialog box shows the values for the Rate and Nper arguments. The Rate is divided by 12 to
convert the annual interest rate to a monthly interest rate. The Nper argument is multiplied by 12
to convert the terms of the loan from years to months. Finally, the dialog box provides you with a
definition for each argument. The definition appears when you click in the input box for the argu-
ment,
Pa
fate [eae F] = cons
er |auia te 2
woe B) - 20
el 2 :
pe Fe
= -aoas7asios
Caladates the payment fora loan based an contant payments and @coneart interest at
the future value, ora cath balance you want atin fer the lst payment is made, 0 (re)
#omited
Help onthe function mx cancel
Figure 2.31 Function Arguments Dialog Box for the PMT function
2 : fe | =eyav(a3/12,96"12,82)
A 8 |
7 Car Loan Payments
2
3
4
5 Monthly Payment $303.87)
a
Figure 2.32 Result of the PMT Function as a Negative NumberBEGINNING EXCEL 2019 1
=.PIM7(83/12,B4"12,22)
‘Adding a negative sign
between the equal sign and
the first letter of the function
‘name will change the result to
the opposite sign, which
makes the result positive
Figure 2.33 The PMT Function Modified to Result in a Positive Number
Keyboard Shortcuts
Insert Function
+ Hold the SHIFT key while pressing the F3 key.
Function Arguments Dialog Box
+ After the equal sign = and function name are typed into cell a location, hold down the CTRL
key and press the letter A on your keyboard,
Integrity Check
Comparable Arguments for PMT Function
‘When using functions such as PMT, make sure the arguments are defined in comparable terms. For example,
if you are calculating the monthly payments of a loan, make sure both the Rate and Nper argument are
expressed in terms of months. The function will produce an erroneous result if one argument is expressed
in years while the other is expressed in months.133 DIANE SHINGLEDECKER
THE PMT FUNCTION WHEN THERE IS A DOWN PAYMENT
In addition to calculating the loan payments for a car, the PMT function will be used in the Personal
Budget workbook to calculate the mortgage payments for 2 home. The details for the mortgage
payments are also found in the Loan Payments worksheet. Unlike the car loan, there is a down
payment with the mortgage. A down payment on a mortgage is usually a percentage of the price
of the home, which is paid up front and reduces the amount of the loan itself. The down payment
amount and arnount of the loan will both need to be calculated using formulas. While we did not
use a down payment in the car loan example, itis fairly common to have a down payment when
purchasing a car too.
Write the formulas to calculate the Down Payment Amount and new Loan Amount by following
these steps:
1. Click cell B11
2. Write the formula =B9*B10. This will calculate 20% of the price of the house.
3. Click cell B12. Write the formula =B9-B11. This will subtract the down payment amount
from the price of the house (see Figure 2.34 for the Show Formulas View and Figure 2.35
for the formula results).
7
8 Mortgage Payments
9 Price of House 165000
10 Percent Down
W
12 Loan Amount
13 Annual Intere:
14_] Formulas to calculate the Down Payment Amount and
the revised Loan Amount
15
Figure 2.34 Show Formulas View
Down Payment Amount
16BEGINNING EXCEL 2019 4
/
8 Mortgage Payments
9 Price of House 5 165,000
10 | Percent Down 20%
11 Down Payment Amount
12 Loan Amount
13 |Annual Interest Rate
14 Years to Pay
15 |Monthly Payment
ac
Figure 2.35 Results of the Down Payment Amount and Revised Loan Amount Formulas
Now that we have the revised Loan Amount in cell B12, we can write the PMT function following
the same process we did for the car loan.
1.
yawn
Click cell B15.
Click the Formulas tab on the Ribbon.
Click the Insert Function button to bring up the Insert Function dialog box.
Type PMT in the search box and click Go.
Double-click the PMT option in the “Select a function: box. This will open the Function
Argurnents dialog box.
Enter the following arguments (see Figure 2.36)
» Rate: B13/12 > divide by 12 to convert the annual rate to a monthly one
+ Nper: B14#42 -> multiply by 12 to convert the number of years into number of
months
* Pv: B12-> this is the cell with the actual loan amount, not the price of the house
Click OK in the Function Arguments dialog box.
Modify the formula in cell B15 to display the result as a positive number. Remember to
type a negative sign between the equal sign and the letters PMT.
Cell B15 should contain the function: =-PMT(B13/12,B14*12,B12) and the
result should be $708.60 (see Figure 2.37).
Figure 2.36 shows how the the completed Function Arguments dialog box for the PMT function
for the mortgage should appear before pressing the OK button.135 DIANE SHINGLEDECKER
nee own
Figure 2.36 Function Arguments Dialog Box for the Mortgage Payment PMT Function
Figure 2.37 shows the result of the PMT function for the mortgage. The monthly payments for
this mortgage are $708.60. This monthly payment will be displayed in the Budget Summary work-
sheet.
815 ~ fe S3=PM1(B13/12,814"12,812)
9 Price of House $ 165,000
10 Percent Down 20%
11 Down Payment Amount | $ 33,000
12 Loan Amount S 132,000
5.0%
13 Annual!
PMT function output
14 Years to 30]
15 Monthly Payment $708.60
16
Figure 2.37 Mortgage Monthly Payment Calculation
ACen
PMT FunctionBEGINNING EXCEL 2019 6
1. Type an equal sign =.
2. ‘Type the letters PMT followed by an open parenthesis, or double click the function name from
the function list
3. Define the Rate argument with a cell location that contains the rate being charged by the
lender for the loan or lease. ifthe interest rate given is an annual rate, divide it by 12 to convert
itto a monthly rate.
4, Define the Nper argument with a cell location that contains the amount of time to repay the
loan or lease, If the amount of time is in years, multiply it by 12 to convert it to number of
months.
5. Define the Pv argument with a cell location that contains the principal of the loan or the price
of the item being leased.
6. Typea closing parenthesis ).
7. Press the ENTER key.
8. Ifthe result needs to be shown as a positive number, add a negative sign between the equal
sign and the letters PMT.
LINKING WORKSHEETS (CREATING A SUMMARY WORKSHEET)
So far we have used cell references in formulas and functions, which allow Excel to produce new
outputs when the values in the cell references are changed. Cell references can also be used to
display values or the outputs of formulas and functions in cell locations on other worksheets. This
is how we will complete the Budget Summary worksheet using values from both the Budget Detail
and Loan Payments worksheets.
Outputs from the formulas and functions that were entered into the Budget Detail will be dis-
played on the Budget Summary worksheet through the use of cell references.
1. Switch to the Budget Summary worksheet and select cell B4. This cell needs to reference
the Total Annual Spend (D12) from the Budget Detail worksheet.
Type an =
Click the Budget Detail worksheet tab.
Click cell D12.
Press the ENTER key on your keyboard,
ae Rwn
The formula bar will display the formula ="Budget Detail
$17,124, (see Figure 2.38)
1D12 and the cell will display137
DIANE SHINGLEDECKER
Figure 2.38 shows how the cell reference appears in the Budget Summary worksheet. Notice that
the cell reference D12 is preceded by the Budget Detail worksheet name enclosed in apostro-
phes followed by an exclamation point (‘Budget Detail!) This indicates that the value displayed in
the cell is referencing a cell location in the Budget Det:
Ba
worksheet.
z f
Formula that references cell D12 ; cS
‘on the Budget Detail worksheet [ela
='Budget Detail!1D12
1 | yor
Percent of
2 Income
3 Income $33,000
4 Expenses § 17,124
5) Car Payments
6 Mortgage Payment] The value from cell D
7 Total Spent the Budget Detail wor
8 Remaining (Savings)
2
Figure 2.38 Cell Reference Showing the Total Annual Spend from the Budget Detail Worksheet
We will use a similar process to enter in the annual car payments and mortgage payments from
the Loan Payments worksheet. The payments on the Loan Payments worksheet are monthly pay-
ments though, so we will need to multiply each one by 12 to get the annual amount to display in
the Budget Summary worksheet.
1.
sow een
Click on cell BS. This cell needs to contain a formula that references the monthly car payment
cell (B5) on the Loan Payments worksheet and multiplies by 12.
Type an=
Click the Loan Payments worksheet tab.
Click cell BS on the Loan Payments worksheet.
The formula bar will display the formula ='Loan Payments'!B5
Type an asterisk * for multiplication.
Type the number 12, The formula in the formula bar should read: ="Lean Pay-BEGINNING EXCEL 2019 ee
ments'B5*12
8. Press the ENTER key on your keyboard.
9. Click on cell B6. This cell needs to contain a formula that references the monthly mortgage
payment cell (815) on the Loan Payments worksheet and multiplies by 12.
10. Type an=
11. Click the Loan Payments worksheet tab.
12. Click cell B15 on the Loan Payments worksheet.
13, The formula bar will display the formula ='Loan Payments'B15
14. Type an asterisk * for multiplication.
15. Type the number 12. The formula in the formula bar should read: ='Loan Pay-
ments''B15*12
16. Press the ENTER key on your keyboard.
Figure 2.39 shows the results of creating formulas that reference cell locations in the Loan Pay-
ments worksheet.
Be fe_gy~'Loan Payments!1B15*12
Formula in cell B6 to multiply the Mortgage Monthly
Payment from cell B15 on the Loan Payments
1 worksheet by 12 to calculate the annual amount
Percent of|
2 Income
3. Income $ 33,000
4 __Expenses $17,124
5 Car Payments 5: 3,646
6 Mortgage Payments |[$ 8,503
7 Total Spent
‘Outputs for the formulas that reference the monthly
payments on the Loan Payments worksheet
8 Remaining (Si
9
Figure 2.39 Results of the Formulas for the Annual Loan Payments
We can now add other formulas and functions to the Budget Summary worksheet that can calcu-
late the difference between the total spend dollars vs. the total net income in cell B3. The following
steps explain how this is accomplished:139
DIANE SHINGLEDECKER
Click cell B7 in the Budget Summary worksheet.
Type an equal sign =.
Type the function name SUM followed by an open parenthesis (.
Highlight the range B4:B6.
wR wn
Type a closing parenthesis ) and press the ENTER key on your keyboard or simply press
the ENTER key to close the function. The total for all annual expenses now appears on the
worksheet.
6. Click cell B8 on the Budget Summary worksheet. You will enter a formula to calculate
Remaining (Savings) amount in this cell.
7. Type an equal sign =.
Click cell B3.
9. Type a minus sign ~ and then click cell B7.
10. Press the ENTER key on your keyboard. This formula produces a positive number, indi=
cating our income is greater than our total expenses.
Figure 2.40 shows the results of the formulas that were added to the Budget Summary work-
sheet. Overall, having your income exceed your total expenses is a good thing because it allows
you to save money for future spending needs or unexpected events.
Annual Personal Budget
for
Hl A | 8 c |
eo Nae een
Percent of|
Income|
Income $33,000
Expenses $17,124
Car Payments $3,646
Mortgage Payments _|$ 8,503
Total Spent $
Remaining (Savings) $
Figure 2.40 Formulas Added to Calculate Amount Remaining for Savings
We can now add a few formulas that calculate both the spending rate and the savings rate as a
percentage of net income. These formulas require the use of absolute references, which we cov-
ered earlier in this chapter. The following steps explain how to add these formulBEGINNING EXCEL 2019 “wo
Click cell C7 in the Budget Summary worksheet.
Type an equal sign =.
Click cell B7.
‘Type a forward slash / for division and then click B3.
Press the F4 key on your keyboard. This adds an absolute reference to cell B3.
aw AWN
Press the ENTER key. The result of the formula shows that total expenses consume 89%
of our net income.
N
Click cell C7.
8. Place the mouse pointer over the Auto Fill Handle.
9. When the mouse pointer turns to a black plus sign, left click and drag down to cell C8,
This copies and pastes the formula into cell C8.
10. Compare your worksheets with Figures 2.41a-c below. Make any necessary changes
before moving on to the next section.
11. Save the CH2 Personal Budget file.
Figure 2.41a shows the completed Budget Summary worksheet
A B c D
re eae eo
Se er a ee cee
Percent of |
2 Income
3 Income $33,000
4 Expenses $17,124
5 __Car Payments $3,646
6 Mortgage Payments |$ 8,503
7 Total Spent $29,274 89%
8 Remaining (Savings) $3,726 11%
9
Figure 2.410 Completed Budget Summary worksheet
Figure 2.41b shows the completed Budget Detail worksheetwat
2
3
4
15
16
A 8 c D E F
Regular Expenses
iMonthiy [Percent [Annual JlastYear [Percent
Expense Spend lof Total _|Spend __|spend__|change
Food $300] 21.02%1 5 3600|/$ 2,250] 60.0%
Utilities $_250| 17.52%|$ 3,000/$ 3,000 0.0%
Entertainment S$ 200| 14.02%] $ 2,400/$ 2,250 6.7%
Insurance. S$ 127| 8.90% $ 1,524|$ 1,500 1.6%
Gas $_125| 8.76%|$ 1500/$ 1,200| 25.0%
Miscellaneous S$ 125| 8.76%! $ 1,500/$ 1,558 -3.7%|
Clothes $100 7.01%| $ 1,200 |$ 1,000 20.0%
Cell Phone $100 | 7.01%| $1,200 /$ 1,200 | 0.0%
Vacation $100 7.01%| $ 1,200 |$ 2,000 | -40.0%|
Totals $4427 $ 17124 | $ 15,958| 7.3%
Number of Expense Categories 9
Average Spent|§ 1,903 |$ 1,773
Minimum Spent] $ 1,200 |$ 1,000
Maximum spent] $ 3,600 |$ 3,000
Figure 2.41b Completed Budget Detail worksheet
Figure 2.41c shows the completed Loan Payments worksheet
DIANE SHINGLEDECKERBEGINNING EXCEL 2019 a
dl A il B _
1 Car Loan Payments
2 |Price of Car $ 20,000
3 Annual Interest Rate 3.0%
4 |Years to Pay 6
5 Monthly Payment $303.87
6
a
8 Mortgage Payments
9 Price of House $ 165,000
10 Percent Down 20%
11 Down Payment Amount | $ 33,000
12 |Loan Amount s 132,000
13 Annual Interest Rate 5.0%
14 Years to Pay 30
15 Monthly Payment $708.60
16
Figure 2.41c Completed Loan Payments worksheet
TOMATOES
+ The PMT function can be used to calculate the monthly mortgage payments for a house or the
monthly lease payments for a car.
+ When using the PMT function, each argument must be separated by a comma.
+ To calculate the monthly payment for a loan using the PMT function, the Rate and Nper argu-
ments must be defined in terms of months. The Rate should be divided by 12 to convert it
from an annual rate to a monthly rate. The Nper should be multiplied by 12 to convert the
term of the loan from years to months.
+ The PMT function produces a negative output if the Pv argument is not preceded by a minus
sign. For the purposes of this textbook, a minus sign will be entered before the PV argument.us DIANE SHINGLEDECKER
in the PMT dialog box.
ATTRIBUTION
‘Adapted by Mary Schatz from How to Use Microsoft Excel: The Careers in Practice Series, adapted
by The Saylor Foundation without attribution as requested by the work's original creator or
licensee, and licensed under CC BY-NC-SA 3.0.