Problem #1. You have a Macy's credit card account with a 20.99% annual percentage rate calculated on the average daily balance. The billing date is the first day of the month, and the billing cycle is the number of days in that month. Your credit card balance on June 1 was $250. On June 8th you made a $79 purchase. You made another purchase, a $50 gift card, on June 18th. You made a $150 payment on June 28th.

(a) What is your finance charge on the account as of July 1st? Show your work. (

b) What is your new credit card balance?