Carissa's parents were unable to pay for her last year of college, so she obtained a student loan of $8500. The conditions of the loan were: She would make no payments while in college, but the interest would accumulate at 4.9% compounded monthly. Upon graduation she would begin equal monthly payments that would repay the loan in six years. (Round your final answers to two decimal places.) (a) What was the amount of the loan when she graduated one year later? (b) What monthly payments will repay the loan in six 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.