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, 15th August. You make additional purchase of $8,000 on 3rd of August. Date Outstanding Payment New purchase balance Billing cycle starts 26 July $3,000 3 Aug $8,000 Payment due date 15 Aug $1,000 Billing cycle ends 25 Aug How long is the grace period in this credit card statement? (hint: there are 31 days in July) What are the finance charges during August, using average daily balance method? What are the finance charges during August, using Adjusted balance method