Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions on the account for the month of June are given to the right. Assume an annual interest rate of 18% The finance charge is $ (Round to the nearest cent as needed) SCITES Month: June (30 days), previous month's balance $578 June 5 June 17 June 24 June 28 Made payment of $342 Charged $20 for gasoline Charged $105 for skis Made payment of $140

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.