Coles supermarkets is currently offering a Platinum No Annual Fee MasterCard credit card with an interest rate of 19.99% per annum(APR) calculated daily on purchases and cash advances, but with up to 62 days interest free on purchases if you pay the full balance off each month. If you buy $1000 of purchases at the start of the cycle and pay the full amount when due 62 days later, how much interest charge are you avoiding? (Round calculations to 5 d.p. where needed but final answer to 2 d.p.)