answersLogoWhite

0

A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.

User Avatar

Wiki User

11y ago

What else can I help you with?

Continue Learning about Finance

Difference between a floating charge and a fixed charge?

fixed and floating charge


What is a finance charge?

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


Difference between interest rate and finance charge?

finance charge - This is the one time fees that the bank may charge for processing your loan Interest rate - This is the rate at which you must pay the bank interest for availing the loan during the loan tenure. Ex: Assuming you take a Rs. 1 lakh loan for 1 year at 10% fixed rate of interest and a 0.5% processing fee/finance charges ==> Monthly payment = 9166.67/- (Out of this Rs. 8333.33 would be principal repayment & Rs. 833.33 would be interest) Finance charges = Rs. 500/-


What is the monthly finance charge if the average daily balance is 15 the daily periodic rate is 0.06 and the number of days in the cycle is 30?

To calculate the monthly finance charge, you can use the formula: Finance Charge = Average Daily Balance × Daily Periodic Rate × Number of Days in Cycle. Here, the average daily balance is $15, the daily periodic rate is 0.06 (which is 0.0006 when expressed as a decimal), and the number of days is 30. So, the finance charge would be: Finance Charge = $15 × 0.0006 × 30 = $0.27. Thus, the monthly finance charge is $0.27.


What is the difference between first pari passu charge and second pari passu charge?

In law, the difference between the first pari passu charge and second pari passu charge is the that the first charge means it is a simultaneous charge in favor of more than one person or lender and equal in all respects. The second charge would is subordinate to the first and is in favor of the previous person or lender.

Related Questions

What is the difference between a running finance and a cash finance?

Cash finance is a term that means that the goods are pledged or released to the borrower against the cash payments only. The bank usually appoints a person who can be called a Care Taker for the goods and who reports to the bank after the release of goods. While the running finance is offered by the financial companies against the creation of charge on inventory or debtors which are of short term nature. The charge can be of any type say 1st charge, Ranking charge, pari pasu charge, etc. mortgages . It usually comes under the heading of the working capital finance.


What is the difference between a physical charge and a chemical charge?

Your telling me!


Difference between a floating charge and a fixed charge?

fixed and floating charge


What is the difference between a city criminal charge and a county criminal charge?

I live in Utah and I have found there is no difference


Difference in a charge between two electrodes in a cell causes a ----between electrodes?

Potential difference


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.


Difference between electrical current and electrical charge?

current is the flow of charge.


Calculate the average daily balance and finance charge?

Calculate the average balance and finance charge


What is the difference in charge between a proton and a neutron?

The proton has a +1 charge, while a neutron has no charge, and is neutral.


Difference between interest rate and finance charge?

finance charge - This is the one time fees that the bank may charge for processing your loan Interest rate - This is the rate at which you must pay the bank interest for availing the loan during the loan tenure. Ex: Assuming you take a Rs. 1 lakh loan for 1 year at 10% fixed rate of interest and a 0.5% processing fee/finance charges ==> Monthly payment = 9166.67/- (Out of this Rs. 8333.33 would be principal repayment & Rs. 833.33 would be interest) Finance charges = Rs. 500/-


Difference between an accountant and an accounts officer?

An accountant is a finance professional who can work for a company or can set up an individual practice to provide accounting services. An accounts officer is a person who is in charge of accounts of a particular company.

Trending Questions
Have you ever been in a situation where a scammer sent you money and you decided to keep it? What is the total interest on a ten-year 6.1 loan with a principle of 32000? If you give self cheque to your father for withdrawal do you have to sign on the overleaf of the cheque or your father has to sign on the overleaf? What strategies can a company implement to facilitate acquisition non open market transactions? What is the difference between equitable mortgage and registered mortgage? Do banks in US operate with IBAN? Can a tax preparer do someone's taxes that lives out of state. We used to live in NJ. We currently live in NC because hubby is in military. can a tax preparer from NJ still file our taxes? How long do you have to wait before inheritance can be collected? Are there many websites that are capable of comparing mutual funds? What is ex dividend rate? How long after filing chapter 7 bankruptcy can you purchase a house? What is the difference between a merger and joint venture? What the advantages about borrowing money? What is a company owned by a group of shareholders called? If you sent a payment to the bank clearly noted for a car loan but they deposited it in your account instead and then your car was repossessed can you sue the bank? Who owns CR England trucking company? Do you qualify for a Chase card if you have no credit history? Describe some situations in which project management would probably not effective? How can a person with bad credit get a business loan and some help getting back on their feet. I have a great business idea what steps would i have to take.? How can I apply for personal loan forgiveness?