Use the average daily balance method to compute the amount of interest that will be charged at the end of the billing cycle. Use a 365-day year.Month: July (31 days)Previous month's balance: $840Interest rate: 16%

A. $9.94
B. $8.75
C. $8.54
D. $8.47


Answer: A

Mathematics

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A.

B.

C.

D.

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