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Excel For Noobs Tutorial: How to Name Formulas in Excel 2013 Tutorial
In Excel you can also define the name of a formula. The formula doesn’t even need to be inserted into a cell. So you can gain a better understanding I am going use an example.
Suppose we have a worksheet that needs to calculate the semiannual percentage rate. Instead of manually entering the semiannual interest rate formula every time we need it. We could instead give a name to the formula. We could then refer to the formula name whenever we need the semiannual interest rate. Below is a screen shot of a few cells where I have entered some constants. I have entered the annual percentage rate, the loan principle and the years to maturity. Now we are going to create and name a formula that will calculate the semiannual interest rate. Follow the steps below
Step 1: Select any cell within the worksheet.
Step 2: Rightclick and from the shortcut menu click on Define Name and the New Names dialog box will appear.
Step 3: In the Name box enter the name you want to give to your formula. In our case it is going to be Semi_Annual_Rate.
NOTE: Names must begin with a number or an underscore, cannot contain spaces or illegal characters and must not coflict with other names.
Step 4: In the Refers to: box we are going to enter our formula. We first insert the equals sign (=), then point our mouse at cell B1 (our annual interest rate) and then type /2. Our formula should read =Sheet1!$B$1/2. When referring to cells in the New Name dialog box Excel always uses absolute cell reference.
Step 5: Now we will click OK and any time we need to insert the semiannual interest rate will can simple insert the name Semi_Annual_Rate instead of manually entering the formula.
In the screen shot below you can see that we are entering a calculation that refers to names instead of formulas. The formula solves the semiannual payment by multiplying the principle by the semiannual interest rate. The name Principle refers to cell B2 and the name Semi_Annual_Rate refers to the formula we named.
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