Consider the case of the following annuities, and the need to compute either their expected rate of return or duration. Matthew needed money for some unexpected expenses, so he borrowed $3,878.06 from a friend and agreed to repay the loan in four equal installments of $1,250 at the end of each year. The agreement is offering an implied interest rate of 11.00% Matthew's friend, Gregory, has hired a financial planner for advice on retirement. Considering Gregory's current expenses and expected future lifes manges, the financial planner has stated that once Gregory crosses a threshold of $2,909,046 in savings, he will have enough money for retireme regory has nothing saved for his retirement yet, so he plans to start depositing $25,000 in a retirement fund at a fixed rate of 11.00% at the end ch year. It will take 25.15 years for Gregory to reach his retirement goal.

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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.