Artimus Price's previous month's balance on his revolving credit account was $1,216.88. The account had the following activity for May: May 10, purchases $270; May 15, a credit of $86.50; May 19, payment of $300; and May 25, purchase $122.25. The finance charge is calculated on the average daily balance at a 15% annual percentage rate.
A)What is Artimus' new balance on May 31?
B)How much is the finance charge for May?

Question

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The Answer of Artimus Price's previous month's balance on his revolving credit account was $1,216.88. The account had the following activity for May: May 10, purchases $270; May 15, a credit of $86.50; May 19, payment of $300; and May 25, purchase $122.25. The finance charge is calculated on the average daily balance at a 15% annual percentage rate.

Artimus Price's Previous Month's Balance on His Revolving Credit Account