Question: Use the average daily balance method to compute the finance charge on 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 credit card account for the month of August (31 days). The starting balance fr the previous month is $310. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 18% on the account and the billing date august 1st. The finance charge for the month of august is $?

august 6 made payment $90

august 11 charged $125 for hiking boots

august 14 charged $27 for gasoline

august 15 charged $35 for restaurant meal

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1. The concepts that are used to describe social situations are mental constructions.

The facts rule: We have a tendency to have more confidence in information that is documented with figures than information that isnt.

The permanence rule: We tend to have more confidence in information that is of a more permanent nature than information that is of a temporary nature.