Peter borrowed $225. He paid $20 interest and a service charge of $3.00. What is his finance charge?

Name: Peter borrowed $225. He paid $20 interest and a service charge of $3.00. What is his finance charge?
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Question

Quizplus · Accepted Answer

The finance charge is the total amount of interest and any additional fees or charges. Therefore, the finance charge in this scenario would be $20 (interest) + $3 (service charge) = $23. The other options are incorrect as they do not include both the interest and service charge.

Peter Borrowed $225