1.On July 17^th, the billing date, Marcus had a balance due of$3054.29 on his Capital One credit card. The transactions during the following month were:

July 22 Payment$100.00

July 29 Charge: Oil Change$49.32

August 7 Charge: I-Tunes$15.84

August 11 Charge: Grocery Store$38.92

August 14Charge:Gas Fill-Up$62.31

And the Average Daily Balance was$3091.13

1. Calculate the finance charge to be paid on August 17^th. The card has an APR of 19.8%.

(Hint: The number of days in the billing cycle is 31 since July has 31 days)

Formula usedSolve the problem

Finance Charge:$___________.______

1. Find the New Balance on August 17^th.

Show your work

New Balance:$___________.______