George secured an adjustable-rate mortgage (ARM) loan to help finance the purchase of his home 5 years ago. The amount of the loan was $350,000 for a term of 30 years, with interest at the rate of 6%/year compounded monthly. Currently, the interest rate for his ARM is 2.5% / year compounded monthly, and George's monthly payments are due to be reset. What will be the new monthly payment? (Round your answer to the nearest cent.) $1570.09 x

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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.