Need help with the following questions: Please provide formulas with the answers:

1. Fred, the accountant for XYZ Company forgot to pay a credit card payment that was due in the amount of $575. He noticed it exactly 1 month later when he was making the monthly payment. The late fee charged as $35. If you consider the $35 late fee a charge for the month of interest on the $575, what APR did the company pay because of Fred's mistake? 2. What would the Effective Annual Rate paid by the company based on th $35 late fee? 3. Your insurance premium for your autos are due and you have two options: Option 1 - Pay the full amount of $1,200 now. Option 2 - Pay $205 now and 5 monthly payments of $205 with the first payment starting in a month. What is the APR you are actually paying if you choose the installment Option 2? 4. What would the Effective Annual Rate be if you pursued the installment option? 5. A couple has just given birth to a baby and named him Jimmy. They want to setup a college savings account for Jimmy and start saving for his college education. The following facts will help you work this problem: Current Cost of Tuition, Room & Board $25,000 Expected Average Inflation for College Costs 5% Expected Average Percentage Return on Savings 4% Years until you need the first tuition payment 18 You will make 18 yearly payments with the first payment starting a year from now. How much will the couple need at the end of 18 years to fund Jimmy's college education for 4 years? 6. Based on the amount you calculated above, how much will the couple need to save each year in Jimmy's account to reach their goal of having enough money to fund his college education at the end of 18 years