How is a finance charge calculated

Mathematics

1 answer:

GuDViN [60]3 years ago

6 0

Answer:

option A. Multiply the unpaid balance by the monthly interest rate

Step-by-step explanation:

Finance charges are the monthly service fee charged by lender on the credit used by borrower if they wish to skip the payment of monthly bill and carry forward it to next month.

So, we can calculate finance charges as monthly interest accrued on the unpaid balance.

Finance charges = Unpaid balance x Monthly interest rate.

Hence, option A is correct, i.e. Multiply the unpaid balance by the monthly interest rate.

You might be interested in

6. Order these fractions from least to<br> greatest:<br> 2/3<br> 7/12<br> 3/4

Oksi-84 [34.3K]

2/3 = 8/12

7/12 = 7/12

3/4 = 9/12

7/12 < 8/12 < 9/12

So, 7/12 < 2/3 < 3/4

8 0

2 years ago

Helppppppp pleaseeee

Alenkinab [10]

Answer:

Step-by-step explanation:

2.5 x 3.4 = 8.5

5 0

2 years ago

What is the common ratio of the geometric sequence below 625,125,25,5,1,...

shepuryov [24]

Answer: $\frac{1}{5}$

Step-by-step explanation:

In the geometric sequence we can see each time we are dividing by 5. That is the same as multiplying by $\frac{1}{5}$ so that is the common ratio.

5 0

3 years ago

I need help with this question

Bad White [126]

(4/3)x=28/3
x=(28/3)divides by 4/3
x= (28/3)*3/4
x= 28/4
x=7

7 0

3 years ago

Read 2 more answers

Solve -3x+y=-7 by slope intercept form

marin [14]

can u add picture?

if u dont add picture i cant solve sorry...

8 0

3 years ago