Answer:
finance charge
Step-by-step explanation:
A finance charge is a fee or interest that is applied to any outstanding balance on a credit card or loan after making an on-time payment. It is the cost of borrowing money and is typically calculated as a percentage of the remaining balance. When you carry a balance on your credit card or have an outstanding loan amount, the finance charge is added to your next billing statement, increasing the total amount you owe. It is important to understand and consider the finance charge when managing your credit and making payments to avoid accruing excessive interest charges.