Option A is the correct answer. The finance charge is the total dollar amount you pay to use credit.
What is the finance charge?
- A financing charge is the total interest and loan fees you would be required to pay over the course of the mortgage loan.
- This includes all pre-paid loan fees and is based on the premise that you hold the loan for the whole period until it matures (at which point the last payment is due).
How can I prevent having to pay finance fees?
- Paying your debt in full and on time each month will help you avoid finance costs the quickest.
- A grace period, or the time between the end of your billing cycle and the due date for your balance payment, is something that credit cards are obligated to offer you.
Option A is the correct answer. The finance charge is the total dollar amount you pay to use credit.
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