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

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 $260.The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 24% on the account and that the billing date is August 1st.

August 5: Made payment of 73$

August 15: Charged 125$ for hiking boots

August 22: Charged $19 for gasoline

August 31: Charged $35 for a restaurant meal

The finance charge for the month of August is:

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