Before you can calculate finance charges, you need to decide on an interest rate. When interest rates start rising, banks can immediately charge more for loans, but the interest they pay on deposits rises slowly because customers typically are not quick to pull their savings or switch checking accounts for a slightly richer rate elsewhere.
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According to a recent report published by the Department for Business, Innovation and Skills, in the year up until the 3rd April 2009 a total of 2,369 loan guarantees to the value of GBP 178m had been issued, under both the Small Firms Loan Guarantee Scheme and the Enterprise Finance Guarantee scheme.
For example, if you have a balance of $1000.00 and the period rate is04375% (divide04375% by 100 to get0004375), then the daily finance charge would be computed as follows: 1000 x0004375 = $0. 0.4375, in other words 44 cents, rounded up. The next day’s balance would be $1000.44. Total finance charges for a 30 day billing period would be $13.12. This example assumes no purchases or payments for simplicity.