3 WARNING!!! All calculations must be accurate, please calculate wisely. How to show work: Write the equation being used 1+2 Replace all necessary variables with the correct numbers "r = 1, y = 2,2 = 3 + 1+ y - Write the correct number after correctly calculating the number in your "calculator". 1*2 =1" Full credit for correct calculations Question 1. Clauncher purchased a bond for $2500 to preserve a wildlife sanctuary, and 9 months later he sold it for $2689 (a) What annual rate, calculated using simple interest, did he earn on this transaction? (Answer in percent form and round two decimal places (b) What annual rate would he have to earn in a savings account compounded monthly to earn the same money on his investment? (c) With the annual rate found in Exercise 1 Part (a) and the Future Value using Simple Interest formula find how much the bond would be if Clauncher waited the entire year. (d) With the annual rate found in Exercise 1 Part (b) and the Compound Interest Formula with a compound monthly, find how much would the bond be if Clauncher waited the entire year. Question 2. Corphish has an XYZ Credit Card and has a rate of 28.4% and a balance of $7,620. On a friends only vacation Corphish is having the time of it's life! Unfortunately, Corphish decided to look at it's email on April 10 at 4am and find out that it's boss wants Corphish back in the office ASAP! As Corphish scrambles to find a return flight home it sees the best option is a flight that costs $416! (Sorry, I know this is stressful.) Corphish charged it to it's XYZ Credit Card (on April 10). Corphish didn't want to wait for someone to pick it up so then charged $34.99 for XYZ driving services to get home (still on April 10). On April 24 Corphish made a payment of $332.74. (a) What is Corphish's finance charge next month using the unpaid-balance-method for computing finance charge on a credit card? (b) What is Corphish's finance charge next month using the average-daily-balance-method for computing the finance charge on a credit card? Question 3. Gastly's refrigerator has stored it's last frozen pizza; i.e., Gastly's refrigerator is broken and no longer works. Gastly dashes to the nearest appliance store and looks at a new refrigerator for $1253.99. Unfortunately, Gastly doesn't have enough money in it's rainy day fund to pay for the refrigerator. Gastly then take out an add-on loan for 3 years at an annunl rate of 23% (a) In general, what will be the monthly payments? (b) If the lender offers a first month minimum payment of $42.84 and assume the method of calculating the minimum payment is: the finance charge plus some percentage of the unpaid balance ($1252.99 for the first month). Find the percentage of the unpaid balanced use to calculate the minimum payment