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QUESTION
A credit card company uses the average daily balance method to calculate its finance charges.
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 $247.10. The annual interest rate is 18%.
July 31 - Balance$230
August 10 - Charge $74
August 16 - Payment $190
August 21 - Charge $174
August 30 - Charge $14
