Ask Question
BusinessBusiness
21 August, 08:19

The method most commonly used by financial institutions to determine finance charges on consumer loans is the

+1
Answers (1)
  1. 21 August, 12:16
    0
    Average daily balance method a common method to calculate finance charges.

    Explanation:

    One of the most common ways through which the financial institutions for example the credit card companies calculate the financial charges that are to be paid by their customers and clients is the average daily balance method of the credit ...

    If this is the method used by your financial company also then you can reduce the financial charges that you have to pay by paying off the financial balance earlier than the billing cycle.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The method most commonly used by financial institutions to determine finance charges on consumer loans is the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Stage two in the development of the individualized leadership theory explored the
Answers (1)
Apple has been known to sell its products at higher rates than competitors, such as Microsoft, as it has been successful at convincing consumers that Apple products are special and more luxurious in comparison.
Answers (1)
Lighter Than Air Industries expects that it would lose $10 million if a tornado struck its aircraft operations facility. It expects that a tornado might strike the facility once every 100 years. What is the single loss expectancy for this scenario?
Answers (1)
A stock's holding period return represents: a. the return from a stock relative to the return from a specific portfolio. b. the total return earned over a specific period through buying and selling an asset. c.
Answers (1)
Adam borrowed money to buy a new car. The bank now has a lien on the car. What could happen if Adam doesn't make his payments on time? A. The bank could sell the car. B. The bank could lend him more money. C.
Answers (1)
New Questions in Business
Copy Center pays an average wage of $12 per hour to employees for printing and copying jobs, and allocates $18 of overhead for each employee hour worked. Materials are assigned to each job according to actual cost.
Answers (1)
Which of the following is true of internal recruiting? a. It increases recruitment time and costs. b. It targets job applicants that do not currently work for the organization. c. It improves employee commitment and morale. d.
Answers (2)
In a perpetual average cost system: a. The average is determined by dividing the total number of units sold by the cost of units purchased during the period. b. A new weighted-average unit cost is calculated each time additional units are purchased.
Answers (1)
What are the ten steps in the accounting cycle?
Answers (1)
A good interviewee will be prepared to explain how they would handle a situation or illustrate an answer with a personal experience.
Answers (1)
Home » Business » The method most commonly used by financial institutions to determine finance charges on consumer loans is the
Sign Up Forgot Password?