You have decided to take a 4-year loan in order to purchase a vehicle. The loan will be for $26,200 at 3.5% compounded monthly. What is your mo need to dind the following below FV PV RATE TIME PMT

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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.