Name MATH 2040 Written Assignment Chapter 3 (20 points/problem) For each problem that you solve: identify the formula you will use; show the substitution of numbers into the formula; identify the nal answer in a complete sentence. 1. The annual interest rate on a credit card is 25.74% and interest is calculated using the average daily balance method. The unpaid balance at the start of a 30-day billing cycle was $1672.18. A purchase of $265.12 was made on day 8, and a payment of $250 was credited to the account on day 20. Find the unpaid balance at the end of the billing cycle. (Use a 360-day year). Show all the intermediate steps used to nd your answer. 2. A loan of $2500 was repaid at the end of 10 months with a check for $2,812.50. What was the annual rate of interest charged? 3. Starting on his let birthday and continuing every birthday up to and including his 65th birthday, John deposits $2000 a year into an IRA. How much (to the nearest dollar) will be in the account on John's 65th birthday, if the account 7.12% compounded annually? John decides to leave the money in the IRA (making no further contributions) which continues to earn 7.12% annually until he reaches the age of 73. How much will be in the account on his 73rd birthday? Show each step you use to solve the problem and explain what you are doing in complete sentences as you go along