Appa deposits $4000 in an account earning 2.9% interest compounded monthly. How much will Appa have in the account in 1 year? $ Bash deposits $4000 in an account earning 2.9% interest compounded daily. How much will Bash have in the account in 1 year? How much more does Bash make than Appa? (to the nearest cent)

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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.