Final answer:
The extra monetary charge levied for not making a payment on time is referred to as a Late fee. It is a financial penalty for late payment. The correct answer to the question is A, Late fee.
Step-by-step explanation:
A charge for not making a payment on time is referred to as a Late fee. This is the extra monetary charge that is levied by the lender or service provider when the payer is unable to make the payment within the stipulated time frame. It is a financial penalty for payment delinquency.
The option B, Grace period, is the time granted to the payer beyond the due date during which payment can be made without any penalty, while C, Collateral fee, is not a commonly used term related to late payments. Therefore, the correct answer is A, Late fee.
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