0) The Jacobs family is planning to buy a home. They have some money or a down payment already. They see a home they like and compute tha hey would need to borrow $213,000 from a bank over a 30-year period. he APR is 6.75%. (a) What is the monthly payment, to the nearest cent? b) What is the total of all of the monthly payments over the 30 years? (c What is the total interest for the 30 years? (Section 8-3) *

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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.