Finance charges on two credit cards with the same stated annual percentage rate:
A) will always be the same.
B) will be same as the rate calculated in the federal law.
C) will be determined by the type of credit card used.
D) will be determined by the method used to calculate balances.
E) none of these

Question

Quizplus · Accepted Answer

Finance charges on two credit cards with the same stated annual percentage rate can be different based on the method used to calculate balances. The methods can vary, such as daily balance, average daily balance, or ending balance, which can result in different finance charges even with the same APR.

Finance Charges on Two Credit Cards with the Same Stated