Discover a world of knowledge and get your questions answered at IDNLearn.com. Discover in-depth answers from knowledgeable professionals, providing you with the information you need.
Sagot :
$699.95×20%=$139.99, is the finance charge.
What is finance charge?
A finance charge is any fee that reflects the cost of credit or borrowing under American law.
Some forms of credit have fees and interest that accrue over time. [1] In addition to interest, it also includes additional costs, like those for financial transactions.
The Truth-in-Lending Act and Regulation Z, which were issued by the Statutory Reserve Board, contain information about the federal definition of a finance charge.
A financing charge in personal finance is just the cash amount paid to borrow money, whereas interest is the amount paid as a percentage, such as the annual percentage rate (APR).
Compared to standard dictionary definitions or accounting definitions, these definitions are more specific.
Lenders and creditors both calculate finance charges in different ways. a majority.
Hence, $699.95×20%=$139.99, is the finance charge.
learn more about finance charge click here:
https://brainly.com/question/3436429
#SPJ4
Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. Your questions find clarity at IDNLearn.com. Thanks for stopping by, and come back for more dependable solutions.
