Create a comprehensive financial analysis workbook incorporating financial functions, data tables, amortization schedules, and multi-sheet workbook management.

Instructions:

1. Create a Multi-Sheet Workbook:
- Open a new Excel workbook and rename Sheet 1 to "Summary."
- Add two more sheets named "Loan Calculator" and "Data Tables."

2. Develop a Loan Amortization Schedule (Loan Calculator Sheet):
- Use the PMT function to calculate a monthly loan payment.
- Set up input fields for Loan Amount, Interest Rate, Loan Term (Years), and Start Date.
- Use an amortization table to display:
- Payment Number
- Payment Amount
- Principal Paid
- Interest Paid
- Remaining Balance

3. Create Data Tables for Financial Analysis (Data Tables Sheet):
- Create a one-variable data table showing how different interest rates affect monthly payments.
- Create a two-variable data table showing how different loan terms and interest rates impact the monthly payment.

4. Summarize Findings in the Summary Sheet:
- Use cell references to pull key financial figures from other sheets.
- Insert a chart that visualizes the impact of interest rate changes on loan payments.
- Apply conditional formatting to highlight key financial insights.

5. Work with Multiple Workbooks:
- Create a new workbook named "External Data.xlsx" and enter a list of different loan offers.
- In the main project workbook, use external references to pull in the best loan offer from "External Data.xlsx."
- Demonstrate the use of linked workbooks by updating values in "External Data.xlsx" and observing changes in the main workbook.

6. Enhance Presentation:
- Apply table formatting for readability.
- Add data validation to restrict input values for interest rates and loan terms.
- Insert comments explaining calculations.

To create a comprehensive financial analysis workbook in Excel, follow these detailed steps. This task involves financial calculations, data analysis, and the use of multiple workbooks, which are key features in Excel for managing financial data efficiently.

Create a Multi-Sheet Workbook:
a) Open Excel and start with a new workbook. Rename Sheet 1 to "Summary" by double-clicking the sheet tab and typing the new name.
b) Add two more sheets by clicking the "+" icon at the bottom and rename them to "Loan Calculator" and "Data Tables".
Develop a Loan Amortization Schedule (Loan Calculator Sheet):
a) Use the PMT function to calculate the monthly loan payment. The formula is =PMT(rate, nper, pv), where rate is the monthly interest rate (annual rate divided by 12), nper is the total number of payments (years multiplied by 12), and pv is the loan amount.
b) Set up input fields:
- Loan Amount (for example, enter in cell A1).
- Interest Rate (annual rate in A2; remember to divide by 12 for monthly calculations).
- Loan Term (Years) (in A3).
- Start Date (in A4, though optional for basic amortization calculations).
  c) Create an amortization table next to these inputs to show:
- Payment Number (starting from 1 to the total number of payments).
- Payment Amount (all payments will be equal; it's the result of the PMT function).
- Principal Paid (calculated each period).
- Interest Paid (calculated using the remaining principal and rate).
- Remaining Balance (initially the loan amount and it decreases as principal is paid).
Create Data Tables for Financial Analysis (Data Tables Sheet):
a) Set up a one-variable data table: In one column, list different interest rates and in another column, use the PMT function referencing the interest rate in its location to see the impact on monthly payments.
b) For two-variable data tables, create a matrix wherein one axis (rows) contains different loan terms and the other (columns) different interest rates. Use PMT referencing these variables to fill the matrix with the result showing the monthly payment changes.
Summarize Findings in the Summary Sheet:
a) Use cell references to pull key financial figures, such as the total payment, from the "Loan Calculator" or "Data Tables" sheets.
b) Insert a chart by selecting relevant data and choosing an appropriate chart type, like a line or bar chart, to visualize how changes in interest rates affect loan payments.
c) Apply conditional formatting to highlight outstanding metrics, like maximum payment, or a sudden leap in payment amounts.
Work with Multiple Workbooks:
a) Create an "External Data.xlsx" workbook. In one sheet, enter different loan offers with their specifics like interest rate, term, etc.
b) Back in the main workbook, use external references by typing ='[External Data.xlsx]Sheet1'!A1 to link and pull in data. Locate and pull in the best loan offer based on interest rate or total payment comparison.
c) Demonstrate linked workbooks by modifying values in "External Data.xlsx" and confirm that the changes reflect in your main workbook.
Enhance Presentation:
a) Use Excel’s table formatting features to improve readability.
b) Data validation can be applied by selecting cells and using the Data Validation tool to restrict inputs, such as only allowing interest rates between 0% and 20%.
c) Insert comments by right-clicking cells where calculations are made to describe the formula logic or provide additional insights for better understanding.

By following these steps, you can create an effective financial analysis workbook that not only calculates and visualizes financial data but also allows for dynamic interaction and exploration of different financial scenarios.