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Default If Statement Help

Hello,

My boss needs me to do an IF statment on a spreadsheet. Here is what I need:

In the Column "Interest Rate" the cells are percentages 0.00%, 5.50%, 2.25%
and so on. In the Loan Type Column are the loan types depending on the
Percentage Rate.

What I need is this:
If Interest rate is 0.00% then Loan Tpye is "Letter of Credit"

How do I get Excel to do this if the user enters 0.00% in the interest rate
column?

Thanks!!
 
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