Explain the difference between an interest rate and finance charge.

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asked Feb 24, 2020 221k views

2 Answers

JensS · Answer 1 · 2020-02-25T06:45:11+0000

Answer:

The difference between an interest rate and a finance charge is, an interest rate is a percentage of the money borrowed, when added to the principal sum when paying back. A finance charge is a fee for using credit.

Step-by-step explanation:

I had the definitions already and just put them in the answer. Hope this helps!

Yottagray · Answer 2 · 2020-03-01T11:15:15+0000

a finance charge is the total amount of money you owe to a lender for borrowing money.

interest is a part of the total finance charge.

Explain the difference between an interest rate and finance charge.

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