Answer:
$60
Explanation:
A financial charge is the cost of credit. It refers to the fee that one pays for using some credit facility. A financial charge, therefore, is the interest paid on credit granted to a borrower.
In this case: Cost of the Bike was $300
Tom agreed to pay $30 per month for 12 months on installment payment.
The total amount paid:
= $30 x 12
=$360
Original pride of the bike was $300; the financial charge will be
=$360- $300
=$60
