Hello, I am trying to understand how to arrive to the answer in the following questions. Can you please show me the steps/formulas used to get the answer in excel. Enclosed are the questions I need help with.

11-2 The Price of Money James wants to buy a fat screen television for his new apartment. He has saved $700, but stll needs $500 more. The bank whe using a 90-day promissory note. James also visited the PayDay Loan store to compare the cost of borrowing. The manager told If James needed more tme to repay the loan, he would be charged 16% on the balance due for each additonal week. He wondered how much it would cost to pay the loan back in 12 weeks so he could compare the cost to the bank's lending rate 1. Calculate the total cost (principal plus interest) for the 90-day promissory note from the bank. 2. How much will James pay if he gets the loan from the Loan store and pays the balance back in two weeks? 3. How much will it cost if James gets his loan from the Loan store and pays it back in 12 weeks (nearly 90 days)? 4. James wondered how PayDay Loan can stay in business unless its customers neglect to determine how much they owe befo What do you think? When would a PayDay loan be an appropriate choice? eds $500 more. The bank where he has a checking and savings account will loan him $500 at 12% annual interest borrowing. The manager told James that he could borrow $500 at 12% for two weeks. ach additonal week. cost to the bank's lending rate. He recognized that 12 weeks is a few days less than 90 days. two weeks? nearly 90 days)? ine how much they owe before agreeing to borrow