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Use the average daily balance method to compute the finance charge on the
Date
credit card account for the month of August (31 days). The starting balance from
Transaction
the previous month is $300. The transactions on the account for the month are
August 4
Made payment of $81
ents
given in the table to the right. Assume an annual interest rate of 25% on the
August 9
Charged $135 for hiking boots
account and that the billing date is August 1st.
August 10 Charged $25 for gasoline
August 15 Charged $32 for restaurant meal
bok
The finance charge for the month of August is $
(Round to the nearest cent as needed.)
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