In effect, the accountant looks at the entire cost of settlement on a Housing and Urban Development (HUD) form 1 (the HUD-1 Settlement Statement) document as interest unless that charge can be identified as an escrow amount or an amount that is charged to current expenses or expenditures other than interest, such as payment of current or prorated real estate taxes. Interest is a synonym for finance charge. In financial accounting, interest is defined as any charge or cost of borrowing money. The most common formula is based on the average daily balance, in which daily outstanding balances are added together and then divided by the number of days in the month. These definitions are narrower than the typical dictionary definitions or accounting definitions.Ĭreditors and lenders use different methods to calculate finance charges. In personal finance, a finance charge may be considered simply the dollar amount paid to borrow money, while interest is a percentage amount paid such as annual percentage rate (APR). It conatins accurate other and similar related words for no charge in English. Synonyms for CHARGED: breathtaking, exciting, interesting, electric, intriguing, thrilling, inspiring, electrifying Antonyms of CHARGED: tedious, boring. Details regarding the federal definition of finance charge are found in the Truth-in-Lending Act and Regulation Z, promulgated by the Federal Reserve Board. CHARGE association Hall-Hittner syndrome coloboma, heart, atresia of the choanae, retardation of growth and development, genital and urinary. Find no charge synonyms list of more than 14 words on Pasttenses thesaurus. It includes not only interest but other charges as well, such as financial transaction fees. It is interest accrued on, and fees charged for, some forms of credit. In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing.
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