### Balance method to calculate finance charges

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##### Reference no: EM13848496

A credit card company uses the average daily balance method to calculate its finance charges. Find the finance charge for the month of August (31 days) if the average daily balance for August is \$658.58. The annual interest rate is 18%.

 July 31 Balance \$580 August 8 Charge \$43 August 11 Payment \$60 August 17 Charge \$160 August 26 Charge \$44

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