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%.

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Part 1

Month: April (30 days); previous month's balance:

$380

April 13

Charged

$96

for a coat

April 16

Made payment of

$180

April 21

Charged

$135

for DVDs

April 29

Charged

$11

for groceries

The finance charge is $_____