Essay
Raoul's credit card statement showed these transactions during May. ![Raoul's credit card statement showed these transactions during May. The interest rate is 18% per month on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on June 1. [Hint: Remember that May has 31 days.]](https://d2lvgg3v3hfg70.cloudfront.net/TB8446/11ebb939_4a32_0b7e_9e6c_99342b7b4c83_TB8446_00.jpg)
The interest rate is 18% per month on the average daily balance. Find the average daily balance, the
finance charge for the month, and the new balance on June 1. [Hint: Remember that May has 31
days.]
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Correct Answer:
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