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In: AccountingUse the average daily balance method to compute the financecharge on the credit card account...Use the average daily balance method to compute the financecharge on the credit card account for the month of August? (31days). The starting balance from the previous month is ?$290. Thetransactions on the account for the month are given in the table tothe right. Assume an annual interest rate of 18?% on the accountand that the billing date is August 1st.DateTransactionAugust 5Made payment of?$81August 6Charged?$135for hiking bootsAugust 18Charged?$27for gasolineAugust 30Charged?$28for restaurant meal
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