A woman deposited $ 10,000 into her bank account. The money remained in the account for 10 years. For the first 5 years the monthly compound traded an annual nominal interest of 9%. This after the period, the bank changed its interest policy and traded a compound annual nominal interest of 12% for the quarter. Money accumulated in the account at the end of 10 years calculate.

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A:

Q: erly in

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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.