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In John Balfour's credit card account interest is charged on the average daily balance. The...

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Accounting

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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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