Calculate the finance charge on a home equity loan based on an average daily balance of $52,850 during a 31-day billing period. The lender charges 8.25% interest and calculates interest based on the resulting daily periodic rate. Assume a 365-day year and round the daily periodic rate to 8 decimal places. Selected Answer: $1,194.55 Answers: $1,194.55 $1,193.44 $370.31 $369.96