The common range of interest rates on credit cards is between 15% and 20% on an annualized basis and does not vary much over time.
The overall amount a consumer spends for borrowing money is known as a financing charge. This can apply to credit from a mortgage, credit card, or vehicle loan. Interest rates, origination costs, service fees, late fees, and other financial charges are typical.
The unpaid balance and additional fees that are incurred when you keep a balance on your credit card after the due date make up the total finance charge, which is often connected with credit cards.
Credit card firms calculate finance charges in a variety of ways that many clients could find confusing. The formula (average daily balance annual percentage rate number of days in the billing cycle) 365 is the foundation of the average daily balance method, which is a well-liked technique.
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