Question $1$

For the credit card account below, compute the average daily balance, the finance charge, and the

account balance for the next billing. Assume the billing cycle begins on the same date each month and that

the interest rate is $16\mathrm{.}5\%$ per month.

Previous Balance plus Interest: $$518$

Average Daily Balance:

Monthly Finance Charge:

Account Balance for the start of the Next Billing Cycle: