(a) If Rinku deposits $15 per week, how much will she save in three years? How about $20 per week? (b) Find out exactly how much Rinku needs to deposit every week if she wants to save $5000 in three 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.