1) Dave invests £500 in a building society account at the start of each year. The interest rate in the account is 7.2% per annum. Immediately after he invests his 12th instalment he calculates how much money the account should contain.

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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.