Finance Charge Calculator

Calculate finance charge and new opening balance for a credit card in seconds.

Finance Charge Formula

( $11300 * 28% / 100.0 / 365.0 * 7400 ) = $64146.8.The formula calculates the finance charge for a balance of $11,300 over a billing cycle period of 7400 days at an annual percentage rate of 28%, resulting in a total of $64,146.80. This result means that if you owe $11,300 and are charged 28% annually with 7400 billing cycles per year, the finance charge would be approximately $6,146.80 every billing cycle period.

New Opening Balance Formula

$17100 + $16600 = $33700.John's new opening balance in his savings account is $33700, which includes his original balance of $17100 and the finance charge of $16600. The result number $33700 represents John's total amount after adding the finance charge to his initial balance.

Meaning

A finance charge is the cost of borrowing money, typically expressed as interest or fees on a loan or credit balance. It includes charges such as interest rates, late fees, and service fees, increasing the total amount owed over time.