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Question 3 ABC needs money to buy a new car. His friend accepts to lend him the money so long as he agrees to pay him back within five years and he charges 7% as interest (compounded interest rate). a) ABC thinks that he will be able to pay him $5000 at the end of the first year, and then $8000 each year for the next four years. How much can ABC borrow from his friend at initial time. b) ABC thinks that he will be able to pay him $5000 at the end of the first year. Estimating that his salary will increase through and will be able to pay back more money (paid money growing at a rate of 0.75). How much can ABC borrow from his friend at initial time