A finance charge is the
a. amount of money originally borrowed in a loan.
b. cost of credit expressed monthly in dollars and cents.
c. fee charged to a savings account.
d. cost of credit expressed as a yearly percentage.



Answer :

Final answer:

Finance charges are the cost of credit expressed as a yearly percentage representing the additional amount paid for borrowing money.


Explanation:

Finance charges represent the cost of credit expressed as a yearly percentage. It is the additional amount paid for borrowing money, on top of the principal, usually quoted annually. For example, a loan with a 5% annual finance charge on a principal of [tex]$1,000 would require an additional $[/tex]50 payment annually.


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