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JohnBalfour's credit card account interest is charged on the average daily balance. The cycle begins on May4, and the cycle ends on June 3. The beginning balance is $ 291.12 . A payment of $100 is posted on May 18. A charge of $19.51 is posted on May 7. A charge of $59.89 is posted on May 12. A charge of $107.62 is posted on May 29. John is charged 1.32% per period. What is the finance charge for thecycle?

The finance charge for the cycle is $_______ (Round to the nearest cent asneeded.)

In John Balfour's credit card account interest is charged on the average daily balance. The cycle begins on May4, and the cycle ends on June 3. The beginning balance is $ 287.84. A payment of $100 is posted on May 18. A charge of $17.15 is posted on May 7. A charge of $53.25 is posted on May 12. A charge of $114.35 is posted on May 29. John is charged 1.85% per period. What is the finance charge for the cycle? To find the amount of the finance charge, use the formula given below. Finance charge equals Average daily balance times Monthly rateFinance charge=Average daily balanceMonthly rate To begin, find the average daily balance. To find the average daily balance, we must find the unpaid balance for each day, add these balances, and divide by the number of days. The average daily balance can also be determined by grouping days that have the same balance. For the first days, May 4May 6 , there is no activity, so the daily unpaid balance is an unpaid balance on May 4 of $287.84287.84. The sum of daily unpaid balances for these 3 days, then, is 287.84(3). 287.84(3)equals=$863.52 On May7 there is a charge of $17.15, which increases the daily unpaid balance. $287.84+$17.15=$304.99 The new balance of $304.99 holds for 5 days until May 12. $304.99(5) = $1,524.95 On May 12 there is a charge of $53.25, which increases the daily unpaid balance. $304.99+$53.25 = $358.24 The new balance of $358.24 holds for 6 days until May 18. $358.24(6) =$2,149.44 Continue doing this until you get to the end of the cycle. The calculations can be organized in a chart. Date Change Daily unpaid balance Number of days Partial sum May4May6 $287.84 3 $863.52 May7May11 +$17.15 $304.99 5 May12May17 +$53.25 $358.24 6 May18May28 $258.24 11 -$100 May 29June3 +$114.35 $1,524.95 $2,149.44 6 $2,840.64 $2,235.54 Total 31 $9,614.09 $372.59 Divide the sum of $9,614.09 by 31 days. Average daily balance = sum of daily unpaid balance _________________________ Number of days = $9,614.09 _________ 31 = $310.13 To find the finance charge, multiply the average daily balance by the decimal equivalent of the monthly rate, that is, 1.85% = 0.0185 Multiply Finance charge = $310.13(0.0185) =$5.24