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why wouldn't he be.
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suppose you average unpaid balance is $1,000 per month and your credit card's interest rate is 18 percent what is you total interest expense for the year ?
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If your credit card's interest rate is 18% and your average monthly unpaid balance is $1,000, your annual interest expense will be $75.
What is meant by interest expense?The fee incurred by a business for borrowed cash is known as an interest expenditure. A non-operating item that appears on the income statement is interest expense. It stands for the interest due on all borrowings, including bonds, loans, convertible debt, and credit lines. In essence, it is determined by multiplying the interest rate by the debt's outstanding principal.
Instead of the amount of interest paid over the reporting period, interest expense on the income statement shows interest accrued during that time. While interest costs are tax deductible for businesses, they may not be for individuals depending on their jurisdiction and the purpose of the loan. Since there are typically variances in time between interest and other expenses, interest expenditure frequently appears as a line item on a company's balance sheet.
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