Mary starts the month with a balance on his credit card of $1200. On the 12th day of the month, she purchases $400 in clothes with his credit card. On the 16th day of the month makes a payment on his credit card of $500. Marys interest rate is 1 percent for the month. If Marys bank calculates the finance charge on their credit card by using the average daily balance excluding new purchases. What would Marys finance charges be for the month? (Round final answer to 2 decimal places. Omit the "$" sign in your response.)

Please provide how to get the answer, not just the answer. Thank you.