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$320. The transactions on the account for the month are given in the table below. Assume an annual interest rate of22% on the account and that the billing date is August 1st.

Date

Transaction

August 4

Made payment of$85

August 10

Charged$150 for hiking boots

August 18

Charged$30 for gasoline

August 25

Charged$26 for restaurant meal

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