6. Find the effective rate when the stated rate is 11% and the interest is compounded monthly. 6. A credit card statement showed these transactions during June. June 1 Previous balance $351.89 June 6 Purchases $67.46 June 12 Payment $70.00 June 21 Purchases $141.87 15% The credit card has an interest rate of on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on July 1. [Hint: Remember that June has 30 days.]