ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Processing fees, interest payments, late payment fees, stamp duty fee, GST, cancellation fee, loan transfer fee, etc., are the finance charges involved in a credit.

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: -A finance charge is a fee charged for the use of credit or the extension of existing credit. It may be a flat fee or a percentage of borrowings, with percentage-based finance charges being the most common.

Detailed explanation-4: -Annual fee. Many credit cards charge a fee every year just for having the card. Interest charges. Late payment fee. Foreign transaction fee. Balance transfer fee. Cash advance fee. Over-the-limit fee. Returned payment fee.