Find the average daily balance for the following credit card account. Assume 1 month between billing dates and find the finance charge using a 21% annual interest rate and the average daily balance method. Round your answers to the nearest cent.
Billing date: December 5 with a balance of$480.54December 5: Plane ticket$553.73December 11: Payment$370.00December 30: Purchase$75.00
A. average daily balance is $750.40;
finance charge is $13.13
B. average daily balance is $721.37;
finance charge is $12.62
C. average daily balance is $721.37;
finance charge is $151.49
D. average daily balance is $750.40;
finance charge is $157.58
E. average daily balance is $775.41;
finance charge is $13.57
Answer: A
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