Par Two: 4 questions ((Please round up your answer to the nearest two decimals) 1. (20 points): Your credit card's annual interest rate is 24 percent and your credit card begins the billing cycle on the 16th 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, 10th August. You mal......... whonth are $1,000, which are made on the a. (8 points) What is grace period? How long is the grace period for the billing cycle 16th July to 15th August? (hint: there are 31 days in July and start date and end date of the grace period are inclusive) b. (12 points) What is the finance charge for the billing cycle 16th July to 15th August, using average daily balance method? What is the statement balance at the end of the billing cycle