Frank bought furniture worth $5,230 for his new house and used his credit card to make the payment. However, because of financial constraints, he was unable to clear the outstanding amount within the bank's stipulated time. This resulted in the bank charging Frank an additional $27 This additional amount that Frank needs to pay to the bank is referred to as the _____.
A) rent for balance
B) charge-off
C) late fee
D) credit pay

Question

Quizplus · Accepted Answer

The additional amount Frank needs to pay is referred to as a "late fee," which is charged when a payment is not made by the due date.

Frank Bought Furniture Worth $5,230 for His New House and Used