Determine whether the following statement is true or false. If the statement is false, make the necessary change(s) to produce a true statement.

Interest on a credit card is calculated using | = Prt, where r is the monthly rate, t is one month, and P is the balance due

Choose the correct answer below

A. The statement is false A true statement is "Interest on a credit card is calculated using | = Prt, where r is the annual percentage rate, t is one month, and P is average daily balance

B. The statement is false. A true statement is "Interest on a credit card is calculated using | = Prt, where r is the monthly rate, t is one month, and P is average daily balance."

C. The statement is false. A true statement is "Interest on a credit card is calculated using | = Prt, where r is the annual percentage rate, t is one month, and P is balance due.

D. The statement Is true