In John Balfour's credit card account interest is charged on the average daily balance. The cycle begins on May 4, and the cycle ends on June 3.
The beginning balance is $288.75. A payment of $50 is posted on May 18. A charge of $16.72 is posted on May 7. A charge of $58.11 is posted on May 12.
A charge of $110.08 is posted on May 29. John is charged 1.83% per period. What is the finance charge for the cycle? The finance charge for the cycle is $