Calculate the Monthly Finance Charge for the Credit Card Transaction

Multiple Choice

Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. Round your answer to the nearest cent. }\\\\\text { Balance Rate Payment Method }\\\$ 4,000\quad 23 \% \quad \$ 150 \quad \begin{array} { l } \text { Average daily } \\\text { balance }\end{array}\end{array}">$\begin{array}{l}\text { cellpadding="0" cellspacing="0" width=" } 52 \% \text { " border="0"> }\\\\\text { Balance Rate Payment Method }\\\$ 4,000\quad 23 \% \quad \$ 150 \quad \begin{array} { l } \text { Average daily } \\\text { balance }\end{array}\end{array}$

A) $76.67
B) $73.06
C) $74.52
D) $73.79
E) $71.60