Credit Line: $3,000. Days in Billing Cycle: 31. Billing Cycle Closing Date: 6/15/2022. APR=18% 1. What is the amount of new charges assuming there are no other transactions during the billing cycle shown? (Hint: Add up all the charges shown excluding the previous balance and subtract all payments)-(5 pts) a. $10.99 b. $110.99 c. $143.66 d. $330.99 2. What is the average daily balance? (Hint: Multiply each charge, including payments and refunds, shown above by the number of days it is outstanding at the closing date of the 2. What is the average daily balance? (Hint: Multiply each charge, including payments and refunds, shown above by the number of days it is outstanding at the closing date of the current billing cycle. So for the first item "Previous Balance," multiply $311.19 by 31 since this is a $311.19 charge that has been outstanding for 31 days at the closing date of the billing cycle. Repeat this process for every charge on the statement and then add up all of them. The average daily balance equals the sum calculated above divided by the number of days in the billing cycle or 31 in this case). ( 5 pts) a. $353.21 b. $367.58 c. $374.14 d. $389.75 3. What is the finance charge? (Hint: Finance charge equals average daily balance found in Problem 2 times the daily rate which is the APR shown divided by 365 times the number of days in billing cycle.) (5 pts ) a. =$5.72 b. $6.41 c. $7.35 d. $8.26 4. What is your available credit? (Hint: First find your new balance previous balance + new charges + finance charge. You found new charges and finance charge in Problems 1 and 3, respectively. Then, available credit = credit limit - new balance) (5 pts a. =$2,645 b. $2,658 c. $2,663 d. $2,672 5. What is the effective annual rate of this card? (Hint: Effective annual rate =(1+APR/ 365)3651 because this credit card, like almost all others, compounds interest daily.) (5 pts) a. 19.65% b. 19.72% c. 19.84% d. 19.99%