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Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting

Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $300. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 22% on the account and that the billing date is August 1st.

The finance charge for the month of August is $________?

Date

Transaction

August 66

Made payment of

$7575

August 88

Charged

$125125

for hiking boots

August 2121

Charged

$2929

for gasoline

August 2828

Charged

$2727

for restaurant meal

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