Question: 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

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)

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