(Answered) What is the finance charge for the cycle

Engineering

Problem: In John Balfour's credit card account interest is charged on the average daily balance. The cycle begins on May 4, and the cycle ends on June 3. The beginning balance is $ 294.77 A payment of $200 is posted on May 18. A charge of $19.77 is posted on May 7. A charge of $50.75 is posted on May 12. A charge of $116.93 is posted on May 29. John is charged 1.99% per period.

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Question: What is the finance charge for the cycle? Be detailed in your response and provide examples also.

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