Answer :
Final answer:
The finance charge includes interest costs and other fees for using a credit card, impacting the total cost of borrowing.
Explanation:
Finance charge is the correct term for the interest costs and other fees associated with using a credit card. It represents the total amount of money you pay for borrowing on a credit card, including interest and other charges.
For example, let's say you carry a balance on your credit card from month to month. The finance charge will include the interest on that balance and any additional fees, such as late payment fees or annual fees.
Understanding the finance charge is crucial when managing credit card debt, as it directly impacts the total cost of borrowing on a credit card.
Learn more about credit card finance charges here:
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