Assume the? following: Melita carried an average daily balance
of ?$430 on her credit card this month. Her previous balance last
month was ?$768,compared to a balance of $97 this month. There are
30 days in this billing cycle and Melita always makes a payment on
the fifteenth of the month. Based on this? information, calculate
the monthly interest charges for credit card accounts charging
16?percent, 18 ?percent, and 20 percent interest. Complete the
following chart. Since the average daily balance is the most
commonly used balance calculation? method, is shopping for a lower
interest rate really that? important? 16%             
18%           20% Average Daily Balance –       
$5.73 Previous Balance
–                                    
   $11.52 Adjusted Balance
–                                     
                   
$1.62 The three primary methods used to determine interest charges on
unpaid credit balances are? (1) the average daily balance? method,
(2) the previous balance? method, and? (3) the adjusted balance
method. The monthly interest charges can be compared using the
following? table: 16%          
   18%         
20% Average Daily Balance –   
        $5.73 Previous Balance
–                                    
   $11.52 Adjusted Balance
–                                     
                   
$1.62 The amount Melita will pay in
monthly interest charges based on the $430 average daily balance
for the credit card account charging an annual rate of 18 percent
is ? $ (Round to the nearest? cent.)