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Gabrielle daily borrows $1,000 at a 6 percent add-on rate for one year.what is the finance charge?answers
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Gabrielle daily borrows $1,000 at a 6 percent add-on rate for one year.what is the finance charge?answers

User Ermin Dedovic
by
8.7k points

1 Answer

6 votes
P - principle of the loan
FC - finance change or total interest
N - number of months the loan is force

FC = ($1,000 x .06 x 1)
FC = $60

Finance charge is $60.
User Christian Grabowski
by
7.9k points
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