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Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions
Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions on the account for the month of April are given to the right. Assume an annual interest rate of 18%.
Month: April (30 days); previous month's balance: $310
The finance charge is $_______?
| April 55 | Charged $9898 for a coat |
| April 1717 | Made payment of $7070 |
| April 2323 | Charged $101101 for DVDs |
| April 2828 | Charged $1414 for groceries |
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