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Q: Many credit card companies offer low introductory rates of 5.4 percent annual interest What would be the annual finance charge on a balance of 459.29?
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Many credit card companie offer low introductory rates of 5.4 percent annual interest what would be the annual finance charge on a balance of 459.29?

24.80


What is a finance charge?

A finance charge is interest charged by a lender on the unpaid balance of a loan.


What is finance charge?

A finance charge is interest charged by a lender on the unpaid balance of a loan.


How do you calculate finance charge?

multi the unpaid balance by the monthly interest rate


How do finance companies make a profit?

The finance companies give loans for interest at higher rates, they also lend money from banks and others for cheaper rates, if necessary. The difference of interest between these two is their profit.


What company has the lowest car finance interest rate?

There are many companies that offer low car finance interest rates that can be found locally or on the internet. A few good companies on the internet are Bankrate, Capital One and Cars.


Why do finance companies charge such high rates of interest?

If a company has adopted 'Table A', it can charge interest on calls-in-arrears at the rate of


What is the formula used to calculate 8.5 percent interest on a credit card with a balance of five hundred dollars?

Credit card companies use several methods to calculate interest. There can be one or two billing cycles per month. Interest can be charged on the daily balance, new purchases, etc. You should refer to the "How finance charges are calculated" section of you billing statement.


If you close a credit card containing a balance in an attempt to pay it off faster how does this affect your finance charges?

It won't. The finance/interest charges will still be applied to the balance in accordance with the original lending agreement.


What are the benefits of CitiGold Interest Checking?

One of the benefits of CitiGold Interest Checking is that there is no minimum opening balance required. There is also no minimum fee to maintain to avoid a finance charge. One will also draw a .1% interest on the balance of their account.


What three factors determine the amount you pay in finance charges?

Finance charges are billed on any revoling balance. What determines what you pay is the balance at the closing of you monthly statment!!! The key is to pay more than the minimum. On average to avoid interest on credit cards do not carry a revolving balance to avoid interest. Tip: only charge what you can afford to pay!!!!


Which of these is not a way in which credit card companies asses finance charges?

some place a fee on the average yearly balance