Your friends were excited to hear you have chosen accounting for a career. They have several practical questions regarding money and interest (time value of money). Please assist your friends by answering their respective questions.For each question:A. Estimate without using a table, calculator, etcB. Document the "step-by-step" detail showing them how you solved the question.NOTE: To solve use one of the following:• EXCELInclude all the detail steps for whichever tool you choose. For example, if using EXCEL show all formulas (copy so reader could duplicate your work). If using a business calculator, in detail in proper order show numbers and buttons you input to obtain your answer.C. Provide a one to three sentence written explanation to your friend explaining the basic time value of money concept(s) impacting the solution.Friend #2 – Credit Card Debt - How long will it take me to pay off my credit card balance of $3,750? The credit card company is charging 10% interest. I can afford to pay $150/month, but would prefer to pay $100/month because I want to continue my cable service. Please show me the answer to both scenarios.A.B. Your friends were excited to hear you have chosen accounting for a career. They have several practical questions regarding money and interest (time value of money). Please assist your friends by answering their respective questions.For each question:A. Estimate without using a table, calculator, etc.B. Document the "step-by-step" detail showing them how you solved the question.NOTE: To solve use one of the following:• EXCELInclude all the detail steps for whichever tool you choose. For example, if using EXCEL show all formulas (copy so reader could duplicate your work). If using a business calculator, in detail in proper order show numbers and buttons you input to obtain your answer.C. Provide a one to three sentence written explanation to your friend explaining the basic time value of money concept(s) impacting the solution.Friend #1 – Car Loan – What will by my monthly payment if I purchase a used car for $8,500? The dealer has offered to finance the purchase (car loan) over four years at 5%. No down payment is required.А.B.C.

Hi, since you have posted multiple questions, we will answer the first one, as per authoring…

Answered: Your friends were excited to hear you…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Please show all working as to how answers we derived. Step by step working. Describe the steps as you go.
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