You have a credit card that charges an interest rate of 21.8% compounded monthly.
The table below shows your activity for the month of April.
What is the average daily balance for this account?
$
What is the finance charge for the month of April?
$
| Date | Activity | Amount | Balance |
|---|---|---|---|
| April 1 | Beginning Balance | 1,075.00 | |
| April 4 | Purchase | 42.80 | 1,117.80 |
| April 9 | Payment | −175.00 | 942.80 |
| April 20 | Purchase | 85.25 | 1,028.05 |
| April 24 | Purchase | 18.00 | 1,046.05 |
| April 26 | Purchase | 56.00 | 1,102.05 |
| April 30 | Ending Balance | 1,102.05 |
What is the average daily balance for this account?
$
What is the finance charge for the month of April?
$