engineer who hopes to have $1,000,000 in his retirement account by his 60 ^ (th) birthday which is 421 months from today. Starting next month , he plans to deposit 20% of his monthly salary into an account that will pay interest of 5.00% pa How much does he need to make per month ( ie., what salary per month ) to achieve his goal ? Note that he makes 421 total deposits . 1) $4,378.95 2 ) $2,919.30 3 ) None of the answers in this list is within $ 0.20 of the correct an

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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.