D Question 1 A borrower takes out a 30-year mortgage loan for $350,000 with an interest rate of 2%. What would the monthly payment be? Please input the loan payment as a positive value. Question 2 What is the dollar amount of amortization from payment number 79 for a $174,000, 30-year fixed rate loan with an interest rate of 4% ? The loan features monthly payments. Question 3 A borrower takes out a 30-year mortgage for $224,000 with an interest rate of 6%. The loan requires monthly payments and is fully amortized. What is the total interest paid during the first 17 months of the loan? Question 4 A borrower has a 15-year mortgage loan for $300,000 with an interest rate of 4.50% and monthly payments. What is the loan balance after making 46 payments?

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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.