Question 3 (1 point) How is the average daily balance for a credit card calculated? a) Beginning balance / Number of days in billing cycle b) Ending balance / Number of days in billing cycle Sum of daily balances " Number of days in billing cycle d) Sum of daily balances / Number of days in billing cycle Question 4 (1 point) If the annual interest rate on a credit card is 18% and the average daily balance is $1.200, what is the finance charge for the month? a) $218 b) $18 $6,666.67 d) $565 56 Question 1 (1 point) When borrowing money, how is the amount financed found? a) Purchase price of the product - Down payment b) Purchase price of the product + Down payment c) Principal * Rate Time d) Amount of monthly payments + Down payment Question 2 (1 point) When borrowing money, how is the finance charge found? a) Purchase price of the product - Down payment b) Total of monthly payments - Amount financed c) Total of monthly payments + Amount financed d) Total of monthly payments + Down payment