Use the average daily balance method to compute the finance charge on the credit card account for

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Use the average daily balance method to compute the finance charge on the credit card account for the month of August(31 days). The starting balance from the previous month is $250. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 23% on the account and that the billing date is August 1st.

August 77 Made payment of $80

August 11 Charged $145 for hiking boots

August22 Charged $29 for gasoline

August 28 Charged $32 for restaurant meal

The finance charge for the month of August is

(Round to the nearest cent as needed)

Posted Date: May 18, 2024 08:14 PM

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Use the average daily balance method to compute the finance charge on the credit card account for

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