Question 2. Corphish has an XYZ Credit Card and has a rate of 28.1% 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 dam 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 8332.74. (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 Formulas 1 = Pn A=P(1+r) A =P(1 + )" N = PALA=R ( 4+ * * - P(1 + )" ER Annual Interest Rate 3 years 4 years $29.63 $22.68 5% 29.97 23.03 6% 30.42 23.49 31.34 24.41 10% 32.27 25.36 33.21 26.33 10 years 20 years 30 years $10.12 86.06 $4.77 10.61 6.60 5.37 11.10 7.16 6.00 12.13 8 36 7.34 13.22 9.65 8.78 14.35 11.01 10.-29 LI TABLE 1. Monthly payments on a $1,000 loan Number of Payments 6 12 24 36 48 GO 10% 11% 12% 13% 14% 15% 16% 82.94 83.23 $3.53 $3.83 84.12 84.42 $4.72 5.50 6.06 6.62 7.18 7.74 8.31 8.88 10.75 11.86 12.98 14.10 15.23 16.37 17.51 16.16 17.86 19.57 21.30 23.04 24.80 26.57 21.74 24.06 26.40 28.77 31.17 33.59 36.03 27.48 3045 33.47 36.62 39.61 42.74 45.91 TABLE 2. Finance Charge Per $100 (%is APR) Sunday Monday Tuesday Wednesday Thursday Friday Saturday 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 25 26 27 28 29 30 31 TABLE 3 March Sunday Monday Tuesday Wednesday Thursday Friday Saturday 1 2 3 6 7 8 9 10 11 12 13 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 TABLE4. April