16. refer to picture above calculate the monthly finace charge, assuming you are charged a monthly periodic rate of 1.75

15. You have a charge card. You receive a bill dated June 5. Your previous bill was dated May 5. Calculate your average daily balance. Charge card statement: June 5 Date Item Amount New Balance 5/6 Previous balance brought forward $320 5/15 Charge $ 70 $390 5/24 Payment $200 Credit $190 5/30 Charge $120 $310 6/2 Charge $ 40 $350 16. Refer to Problem 15. Calculate the monthly finance charge, assuming you are charged a monthly periodic rate of 1.75%