For the following loan, make a table showing the amount of each monthly payment that goes toward principal and interest for the first three months of the loan. A home mortgage of $160,000 with a fixed APR of 3% for 30 years. Fill out the table. Payment Toward Principal $ 274.57 End of... Interest New Principal $ 159,725.43 Month 1 $ 400.00 (Round the final answers to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Fill out the table. End of... Payment Toward Principal $ Month 2 (Round the final answers to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Interest New Principal

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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.