Parker Young recently received his monthly MasterCard bill for the period June 1-30, 2017, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 16 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows:

Previous balance:	$317
Purchases:			Payments:
June 4	$255		June 21	$25
June 12	$52
June 20	$110
June 26	$51

1. What is his ADB for the period? (Use a table like the one in Exhibit 6.8 for your calculations.) Round the answer to 2 decimal places.
2. What is his finance charge for the period? (Use a table like the one in Exhibit 6.8 for your calculations.) Round the answer to 2 decimal places.

Chapter 6 Financial Planning Exercise 11 Calculate credit card finance charge Parker Young recently received his monthly MasterCard bill for the period June 1-30, 2017, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 16 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous balance: $317 Purchases: June 4 Payments: June 21 $255 June 12 June 20 June 26 a. What is his ADB for the period? (Use a table like the one in Exhibit 6.8 for your calculations.) Round the answer to 2 decimal places. b. What is his finance charge for the period? (Use a table like the one in Exhibit 6.8 for your calculations.) Round the answer to 2 decimal places