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Balance method to calculate finance charges

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A credit card company uses the average daily balance method to calculate its finance charges. Find the finance charge for the month of August (31 days) if the average daily balance for August is $658.58. The annual interest rate is 18%.

July 31

Balance

$580

August 8

Charge

$43

August 11

Payment

$60

August 17

Charge

$160

August 26

Charge

$44

Reference no: EM13848496

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