Mason Snyder starts the month with a balance on his credit card of $800. On the 10th day of the month, he purchases $200 in clothes with his credit card. On the 15 th day of the month he makes a payment on his credit card of $300. The average daily balance for the month including the new purchase is $683. The average daily balance for the month excluding the new purchase is $550. The bank charges 1.5 percent per month and uses the average daily balance excluding new purchases method. What would Mason's finance charges be for the month? Multiple Choice $10.25 $12.00 $8.25 $4.50 Kai Jones wants to borrow money for six years to purchase a new car. He has been offered a seven percent fixed rate loan and also a variable rate loan that has an initial rate of five percent. By choosing the variable rate loan, Kai is reducing the lender's risk by: Multiple Choice sharing the interest rate risk. increasing his monthly payments. taking a higher stake in the asset he is purchasing pledging collateral