1. The table below shows the activity on the credit card statement of Miss PepperCorn for the month of May. She started the month with a balance of $342.63. Round your answers to the nearest cent. Date Activity Location 05/05 Payment Payment 05/15 Charge Gas 05/27 Charge Macy's Amount $200.00 $52.37 $105.42 b. If her card charges an 18.5% annual interest rate on her average daily balance, calculate Miss Pepper Corn's finance charge for the month of May. Explain. Note: Use the ACTUAL way that credit card companies calculate the Finance Charge (I=Prt)

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Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.