1). You have just received a credit card solicitation in the mail that offers you a 4 percent APR. Your current card, which has an outstanding balance of $5,000, has an APR of 14 percent. How much interest will you save the first month by switching cards, assuming you make no additional charges and both cards calculate interest based on the average daily balance?

2). The total annual finance charges on your credit card account are $200. You also pay an annual fee of $50. If your average outstanding balance during the year is $1,000, what is the annual percentage rate?The last day of the monthly billing cycle is April 10. Calculate the finance charge.

3). Your credit card lender charges an annual rate of 15 percent on the average daily balance. Your balance on March 10, the end of the last billing cycle, was $5,000. The following transactions were posted to your account during the billing cycle:

3/15New credit purchase$500

3/20Payment received$750

4/1New credit purchase$1,000

The last day of the monthly billing cycle is April 10. Calculate the finance charge