If you have borrowed 346 dollars using a pure discount loan for 6 years, where you must pay 7% in interest per year, how much must you payback in 6 years? (Please use at least 5 decimal places and do not use $ symbol in the answer) QUESTION 5 Assume you wish to borrow $300,000 to buy a house with a 30 year loan. Assume you will make yearly payments and the loan has an interest rate of 3.4%. What will be the yearly payment amount?

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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.