Use the average daily balance method to compute the finance charge on the credit card account for the month of August (3

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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 3 1 (12.47 KiB) Viewed 49 times

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 $270. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 20% on the account and that the billing date is August 1st. CID The finance charge for the month of August is (Round to the nearest cant as needed) Date August 7 Made payment of $84 August 13 Charged $125 for hiking boots August 18 Charged $29 for gasoline August 29 Charged $30 for restaurant meal Transaction