C 12. Jim puts had $5000 in a CD on January 1, 2008. He deposited an additional $350 dollars each month for the next 4 years. What annual rate of interest compounded weekly would he need in order to have had a total of $22500 in his CD at the end of December 2011? N= 1% = PV = PMT= FV= P/Y= C/Y=

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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.