Using the average daily balance method

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Reference no: EM131595399

Compute the finance charge for the next month, to the nearest cent using the AVERAGE DAILY BALANCE method for an account in the month of June (30 days) with the following data: an interest rate of 16%, a beginning balance of $237.95, a purchase of $250 on the 8th of the month, a payment of $200 on the 15th of the month, a purchase of $75 on the 24th of the month, and return credit of $30 on the 29th.

Reference no: EM131595399

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