You have maxed out your credit card and owe $5,500. Its interest rate is 21%. Each month you make a payment of $120, even though minimum required payment is $35. a. During the September 20 through October 19 billing period, you pay $120 on October 1. Find the average daily balance, the finance charge, and the new balance. (The new balance includes the finance charge.) b. During the October 20 through November 19 billing period, you pay $120 on November 11. Find the average daily balance, the finance charge, and the new balance. c. During the November 20 through December 19 billing period, you pay $120 on November 30. Find the average daily balance, the finance charge, and the new balance. d. Compare the results of parts (a) through (c) with those of Exercise. Discuss the impact of the larger payment in this exercise. You have maxed out your credit card and owe $5,500. Its interest rate is 21%. Each month you make a payment of $120, even though minimum required payment is $35. a. During the September 20 through October 19 billing period, you pay $120 on October 1. Find the average daily balance, the finance charge, and the new balance. (The new balance includes the finance charge.) b. During the October 20 through November 19 billing period, you pay $120 on November 11. Find the average daily balance, the finance charge, and the new balance. c. During the November 20 through December 19 billing period, you pay $120 on November 30. Find the average daily balance, the finance charge, and the new balance. d. Compare the results of parts (a) through (c) with those of Exercise. Discuss the impact of the larger payment in this exercise