William Douglas recently received his monthly MasterCard bill for the period June 1–30, 2010, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 15% per year and based on average daily balances including new purchases. His outstanding balance, purchases, and payments are as follows: 

What is his average daily balance and the finance charge for the period? (Use a table like the one in Exhibit 6.8 for your calculations.) 

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Previous balance: Purchases: $386 Payments: June 4 $137 June 21 $35 June 12 June 20 June 26 281 78 98 75