Please answer and explain

2. Your neighbor is buying a new Tesla electric car. He has the following options to finance the purchase: I. Pays $90,000 today (in time 0) II. Buy under a "no payments for three years" program by agreeing to pay $110,000 three years from today (in time 3) II. Make 60 monthly payments over 5 years of S1,750 payable at the end of each month. (a) If the interest rate is 6% annually, calculate the present value of each option. (b) At what interest rate do Option II and Option III have the same present value