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 of18%.
Month: April (30 days); previous month's balance: $560
April 12
Charged $69 for a coat
April 14
Made payment of $120
April 19
Charged $105 for DVDs
April 27
Charged $33 for groceries
