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 text table, business calculator, or EXCEL formula functions, etc. B. Document the "step-by-step detail showing them how you solved the question NOTE: To solve use one of the following: EXCEL formula functions => i.e. -RARAPATA[typell Business calculator Text tables (not recommended). Include 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 Problems start with Friend #l" at the top of page 2. Friend #2 - Credit Card Debt - How long will it take me to pay off my credit card balance of $3,7507 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. 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 text table, business calculator, or EXCEL formula functions, etc. B. Document the "step-by-step detail showing them how you solved the question NOTE: To solve use one of the following: EXCEL formula functions => i.e. -RARAPATA[typell Business calculator Text tables (not recommended). Include 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 Problems start with Friend #l" at the top of page 2. Friend #2 - Credit Card Debt - How long will it take me to pay off my credit card balance of $3,7507 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
