Multiple Choice
Your credit card had balances of $800 for 13 days,$600 for 5 days,and $650 for 12 days.Assume an annual interest rate of 18 percent,30-day billing cycle and 20-day grace period.How much is the interest charge using the average daily balance method,if the credit card gets paid off five days after the statement due date?
A) $1.74
B) $8.71
C) $12.20
D) $19.17
Correct Answer:

Verified
Correct Answer:
Verified
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