The table below shows the activity on Zuliemia's credit card for the month of August. She started the month with a balance of $342.25, and her credit card charges 18.5% interest. Use the Average Daily Balance method to calculate her finance charges for the month of August.

Date Activity Amount
August 5 Payment $200.00
August 15 Charge – gas $26.37
August 22 Charge – Macy’s $105.42
August 25 Charge – coffee $4.24

Question

The table below shows the activity on Zuliemia's credit card for the month of August. She started the month with a balance of $342.25, and her credit card charges 18.5% interest. Use the Average Daily Balance method to calculate her finance charges for the month of August. 

Date	Activity	Amount
August 5	Payment	$200.00
August 15	Charge – gas	$26.37
August 22	Charge – Macy’s	$105.42
August 25	Charge – coffee	$4.24

anonymous · Answer

does anyone know how to solve this?

tkhunny · Answer

Have you considered calculating the average daily balance?

Aug 1-Aug 4 -- $342.25
Aug 5-Aug 14 -- $142.25
Aug 15-Aug 21 -- $168.62
Aug 22-Aug 24 -- $274.04
Aug 25-Aug 31 --  $278.28

Add up all 31 values and find the average balance.

anonymous · Answer

1,205.44

anonymous · Answer

38.8851612903 is that the average balance ? @tkhunny

tkhunny · Answer

No, you added up only 5 values.  You must add all 31!

anonymous · Answer

I don't know how to find all 31

tkhunny · Answer

I listed them all.

Aug 1-Aug 4 -- $342.25

This gives 342.25 + 342.25 + 342.25 + 342.25

tkhunny · Answer

Did you give up?