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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asked Aug 26, 2019 123k views

1 Answer

Christian Grabowski · Answer 1 · 2019-09-02T11:39:05+0000

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.

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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