Ruby Wilson, a student at State College, has a balance of $350 on her retail charge card. If the store levies a finance charge of 22 percent per year, how much monthly interest will be added to Ruby’s account? Assume that the balance is computed by the average daily balance method. Assume a 30 day month. Round the answer to 2 decimal places. $

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Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.