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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Joshuadang8899 Joshuadang8899

01-05-2018
Business

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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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MrsTriplet MrsTriplet · Answer 1 · 2018-05-10T18:02:07+02:00

MrsTriplet MrsTriplet

10-05-2018

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.

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