Question

The monthly finance charge on a credit card is 4.5 per of the previous months outstanding balance of rupees 130,000 last month , what was the finance charge he paid ?​

Answer 1

Answer:

In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit. It includes not only interest but other charges as well, such as financial transaction fees.

Answer 2

Answer:

Step-by-step explanation: Monthly finance charge= 4.5% of the outstanding balance.
The outstanding balance= Rs. 130,000
Finance charge= 45*10/100*130,000
                           = 45/1000*130,000
                           = Rs. 5850
Ans: He had to pay Rs. 5850