An automobile loan of $12,000 at a nominal rate of 4% compounded monthly for 48 months requires equal end-of-month payments of $270.95. Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.) Repayment of Remaining Loan Principal Balance $ $11,769.05 End of Month (n) 1 www Interest Payment $

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.