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 }\\\$ 8,000 \quad 21 \% \quad \$ 1,500\quad \begin{array} { l } \text { Average daily } \\\text { balance }\end{array}\end{array}">$\begin{array}{l}\text { cellpadding="0" cellspacing="0" width=" }57\% \text { " border="0"> }\\\\\text { Balance Rate Payment Method }\\\$ 8,000 \quad 21 \% \quad \$ 1,500\quad \begin{array} { l } \text { Average daily } \\\text { balance }\end{array}\end{array}$

A) $118.24
B) $123.40
C) $140.00
D) $113.75
E) $120.82