Answer :
Teresa's credit card has an average daily balance of $38.76. Her credit card carries 19.85 percent annual interest; her monthly financing fee will be $0.64.
What exactly is a monthly credit card charge?
- Finance Charges are charges issued to the Card Account if the Total Amount Due from the previous month's Statement of Account is not paid in full by the Payment Due Date shown on the Statement of Account.
- Annual credit card fees, account maintenance costs, late fees paid for making loan or credit card payments beyond the due date, and account transaction fees are examples of financial charges.
- The financing charge is the total costs you pay to borrow money, according to accounting and finance terms.
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