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In a loan, the interest rate is considered as the biggest factors in calculating finance charges because the interest rate adds a percentage of money not already spent to pay towards the credit cards if not paid in full each month. What is an interest rate in loan?The term "interest rate" is a rate that tells you how high the cost of borrowing is or high the rewards are for saving. As a borrower, an interest rate is the amount you are charged for borrowing money which is shown as a percentage of the total amount of the loan.In a loan, the finance charge means the total cost of borrowing money which includes the interest paid and any service fees by the lender which is why the interest rate is a big factor in calculating finance charges of credit cards.Read more about interest ratebrainly.com/question/25816355#SPJ1
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