ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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over-the-limit fee
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late payment fee
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returned payment fee
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all of these
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Detailed explanation-1: -As a simple example, say a client paid you one month late on a $500 project. A 1.5% late fee means they’ll have to pay you an extra $7.50. Two months late, and their late fee amount becomes $15.
Detailed explanation-2: -Finance charges include interest charges, late fees, loan-processing fees, or any other cost beyond repaying the amount borrowed. Finance charges fluctuate for many forms of credit as market conditions and prime rates change. A finance charge is a cost imposed on a consumer who obtains and uses credit.
Detailed explanation-3: -Late fee is the amount charged for delay in filing the return. Penalty is levied based on the law at the time of the offence.
Detailed explanation-4: -A penalty APR is triggered when you make late payments, your payment is returned because of insufficient funds or a closed account, or you exceed your credit limit. Each credit card issuer has specific conditions that must be met for a penalty APR to go into effect.