Please solve it step by step without excel and skipping I need to understand it very well. thank you

1. Fast and Loose Company has outstanding an 8 percent, four-year, $1,000-par-value bond on which interest is paid annually. a. If the market required rate of return is 15 percent, what is the market value of the bond? b. What would be its market value if the market required return dropped to 12 percent? To 8 percent? c. If the coupon rate were 15 percent instead of 8 percent, what would be the market value [under Part (a)]? If the required rate of return dropped to 8 percent, what would happen to the market price of the bond