Question: Use the average daily balance method to compute the finance charge Date on the credit card account for the month of August (31 days) The
Use the average daily balance method to compute the finance charge Date on the credit card account for the month of August (31 days) The August 6 Made payment of $94 starting balance from the previous month is $280. The transactions on August 7 Charged $150 for hiking boots the account for the month are given in the table to the right. Assume an annual interest rate of 17%on the account and that the billing date August14 Charged$2 forrestaurantmeal is August 1st. Transaction ust 10 Charged $23 for gasoline The finance charge for the month of August is s (Round to the nearest cent as needed.)
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