Multiple Choice
Fred has a credit card which uses the average daily balance method,has a 30-day billing period,a 21-day grace period and charges 21 percent annual interest calculated (but not compounded) daily.His average daily balance for the billing period was $7900,and he could not pay it off until received his pay cheque eight days after the statement due date.How much interest does he owe?
A) $268.17
B) $172.72
C) $136.36
D) $36.36
Correct Answer:
Verified
Correct Answer:
Verified
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