Week 2Formulas and Functions (Graded)One of the benefits of Excel is the ability to use formulas and functions. Discuss the differences between formulas and functions. Pick a function in Excel and discuss how that function is used to calculate results in your worksheets. Using the following scenarios, discuss how you would apply the Excel functions or create a formula to solve the scenario.You wish to calculate the commission on sales. The commission is 6% on all sales that are at least 20% above cost.You wish to calculate the total pay for an employee who receives regular time for 40 hours, time and a half for 40-50 hours, and double time for hours over 50.You have a list of contracts and due dates for annual maintenance fees. You wish to determine when you have a contract due in the next 45 days and provide a note that warns you that the payment is due.Please feel free to add other, unique mathematical challenge questions to the discussion, and let us work together to figure out how you might calculate it.