Your credit card's annual interest rate is 24 percent and your credit card begins the billing cycle on the 26th of July, with a previous balance of $3,000. In addition, your payments against your credit card balance this month are $1,000, which are made on the payment due date, 15 August. You make additional purchase of $8,000 an ard of August. Date Payment Outstanding balance New purchase Billing cycle starts 25 July $3,000 3 Aug S8.000 $1.000 Payment due date Billing cycle ends 15 Aug 25 Aug How long is the grace period in this credit card statement? (hint: there are 31 days in July) Select one: o a. 22 days b. 20 days c. 25 days d. 21 days 7. What are the finance charges during August (July 26 to August 25), using average daily balance method? Select one: a. Around $102 b. Around $122 C. Around $172 d. Around $202 8. What are the finance charges during August (July 26 to August 25), using Adjusted balance method? Select one: o a $40 b. $20 c. SO d. $60