Find the average daily balance for the following credit card accounts. Assume 1 month between billing dates and find the finance charge using an 18% annual interest rate and the average daily balance method. Round your answers to the nearest cent.
Billing date: April 3 with a balance of$182.65April 18: Payment$50.00April 25: Groceries$118.32
A. average daily balance is $189.20;
finance charge is $118.32
B. average daily balance is $183.10;
finance charge is $2.75
C. average daily balance is $189.20;
finance charge is $2.84
D. average daily balance is $183.10;
finance charge is $32.96
E. average daily balance is $189.20;
finance charge is $34.06
Answer: C
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