 Personal finance practice problem using OneNote. Homeowner's insurance coverage for personal belongings payout calculation. Prepare to get financially fit by practicing personal finance. You're not required to, but if you have access to OneNote, we'd like to follow along. We're at the icon on the left-hand side, practice problems tab in the 8090, homeowner's insurance coverage for personal belongings payout calculation tab. Also take a look at the immersive reader tool, practice problems typically in the text area too. Same name, same number, but with transcripts. Transcripts that can be translated into multiple languages and either listened to or read in them. Information on the left-hand side says, due to fire burning down the house, we've got the household items loss totaling 75,000. So we're looking at the homeowner's insurance, but we're not looking at the home value that burnt down here. We're looking at the household items which would be under the personal property coverage. So our homeowner's insurance, we have the house insured for 140,000, and then they got the coverage for the personal belongings up to percent insured, that being the 70%. So we're not looking at the home itself here, we're looking at that personal property which we're saying that we lost 75,000. We're trying to see, is there a cap in essence to the loss that we had? This is another great little tool. It's a little table we'll put together here. Good little tables to put together are always useful to do in Excel just to practice your Excel formatting. I would work all these kind of little practice problems, calculations in Excel because it's really good to focus and think about building tables. So we've got the building covered for 140,000. We've got the personal property coverage up to the 70% of that. So 140,000 times 70% would be the 98,000. And then we have the actual loss. So it would be covered up to the 98,000. The actual loss is the 75,000. And therefore it should be insuring or paying out the 75,000, we would think. Obviously it would be taking the greater of these two numbers. So if our loss, for example, was 100,000, then it would take the lesser of the 98,000 or the 100,000, which in that case would be the 98,000. And this is also again, great tool to put in Excel for a couple of different reasons. You could practice using the formatting of the tables and calculations such as this, where you could basically say, I wanna use instead of a sum function, a min function, very common function, not nearly as common as like the sum function, but you'd have the min of these two items. So it would automatically take the smaller of the two. And then anytime you have a worksheet where this is the case, you could set your data on the left-hand side and we can then change our data on the left-hand side, possibly increasing, for example, the 75,000 or any of these three numbers, and then hopefully project or construct a nice simple table that will adjust to all the conditions necessary. So that's great tool for practice in Excel and a good way to practice these kind of calculation problems as well.