WebIn United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit. It … Webe) Cost of credit Explanation: One of the advantages of using credit is that allows consumers get the item they want instantly regardless of the availability of cash. …

Solved Question 71 (1 point) If Marjorie Wilcox borrows $300

WebFeb 10, 2024 · The costs of revolving credit vary widely: A home equity line of credit (HELOC) could be obtained with an interest rate slightly above mortgage rates. HELOCs are essentially second mortgages... WebAug 13, 2024 · Multiply the result of both calculations together to obtain the annualized interest rate. To conclude the example, you would multiply 18 by 0.0204 to arrive at an … cms templates

Finance Chapter 9: Cost of Capital Flashcards Quizlet

WebTotal cost of cre … View the full answer Transcribed image text: Question 71 (1 point) If Marjorie Wilcox borrows $300 for one year with an APR of 21% and an annual service fee … Webe) Cost of credit Explanation: One of the advantages of using credit is that allows consumers get the item they want instantly regardless of the availability of cash. Therefore by getting the item instantly will provide consumers instant enjoyment 3) An established credit rating can be damaged if: a) A person has no collateral. WebNov 21, 2024 · On average, people with credit card debt paid $1,000 each year from 2024 to 2024 in fees and interest, according to the CFPB. 1 The median household income was about $65,000 during that time period, which means cardholders spent about 1.5% of their earnings on credit card fees. 4 Here's how you can reduce the cost of credit card debt: cms temporary privileges for providers