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 $280. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 23% on the account and that the billing date is August 1st.

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

Transaction Date August 5 Made payment of $80 August 14 Charged $150 for hiking boots August 15 Charged $24 for gasoline August 21 Charged $26 for restaurant meal Transaction Date August 5 Made payment of $80 August 14 Charged $150 for hiking boots August 15 Charged $24 for gasoline August 21 Charged $26 for restaurant meal