On August 1, Lorenzo's credit card has a balance of $9,002.00. According to the terms of the card's lending agreement, an interest rate of 14% per year is assessed and the monthly finance charges are calculated using the Average Daily Balance (ADB) including purchases method. During the month, Lorenzo expects to make the purchases listed below and will make a payment of $675.15 on August 23, and has collected the following additional information: Date Purchases August 6 $245.31 August 13 1,940.83 August 21 130.41 August 26 212.85 Additional Information Monthly interest rate Beginning card balance Days in the month 1.17% $9,002.00 31 Use the following table to help Lorenzo estimate his monthly interest charge for August. Dates 8/2 - 8/6 Number of Days Daily Balance 5 $9,002.00 8/7-8/13 7 8/14 - 8/21 8 8/22 - 8/23 2 8/24 - 8/26 3 8/27 - 8/1 6 Total 31 Average Daily Balance With Purchases Finance Charge Calculated Value