3 4 A company borrowed money from a local bank. The note the company signed requires five annual installment payments of $12,000 not due for four years. The interest rate on the note is 7%. What amount did the 6 company borrow? 5 7 8 9 10 11 12 13 14 15 Amount of each installment payment Interest rate Number of installment payments Not due for Amount borrowed $12,000 7% 5 4 years

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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.