Question: Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions

Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions on the account for the month of April are given below. Assume an annual interest rate of 18%.

Month: April (30 days); previous month's balance: $320

April 8	Charged $43 for a coat
April 11	Made payment of $70
April 18	Charged $167 for DVDs
April 26	Charged $49 for groceries

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