In John Balfour's credit card account interest is charged on the average daily balance. The...
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Accounting
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 $283.78. A payment of $100 is posted on May 18. A charge of $18.45 is posted on May 7. A charge of $51.92 is posted on May 12. A charge of $118.43 is posted on May 29. John is charged 1.45% per period. What is the finance charge for the cycle? The finance charge for the cycle is $ (Round to the nearest cent as needed.)
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