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Compute the finance charge on the credit card account

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Problem 1: 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? $240. The transactions on the account for the month are given in the table below. Assume an annual interest rate of? 17% on the account and that the billing date is August 1st.

Date                          Transaction
August 5                 Made payment of? $78
August 9                Charged? $150 for hiking boots
August 16              Charged? $18 for gasoline
August 25              Charged? $27 for restaurant meal

Reference no: EM132824820

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