The Finance Charge of a Credit Card Is Calculated by Multiplying

question 59

True/False

The finance charge of a credit card is calculated by multiplying the periodic rate by the prior month's balance.​

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Definitions:

Promissory Note

A monetary document featuring a guarantee from one party to transfer a fixed sum of money to another party, either upon request or at a designated time in the future.

Bills Of Exchange Act

Legislation that regulates the creation, endorsement, and management of bills of exchange, promissory notes, and cheques.

Endorsement

A formal expression of approval or support, often used in the context of public figures promoting products or in documents to signify agreement.

Consumer Protection

Refers to laws and regulations designed to ensure the rights of consumers as well as fair trade, competition, and accurate information in the marketplace.