Assume that a student graduates from college with $20,000 in student loans. If the interest rate is fixed at 4.80% APR with monthly compounding and the student will repay the loans over a 15- year period, what will be the monthly payment?

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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.