(a) How much will have to be in the account at the time he retires? Value of account at retirement: $ (b) How much should be deposited each quarter for 35 years in order to accumulate the required amount? Quarterly deposit: $ c) What is the total amount of interest earned during the 50-year period? Total Interest Earned: $

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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.