7.) If your parents invested $100 a month for 18 years and got a return of 7% compounded monthly: a) How much would they have saved for your tuition after 18 years? b) How much would you have to borrow (compared to #2)? c) If your loan rate was 4.8% compounded monthly, based on the amount in 7b) and a 10-year loan, what would be your monthly payment?

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A:

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A: Hi student Since there are multiple subparts, we will answer only first three subparts.

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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.