Interest on Credit Cards. Eileen, who is currently paying $1,210 per year in finance charges to her credit card company, wants a car that costs $7,000. How long wou Eileen to save for the outright purchase of the car if she did not have any credit card debt and used the interest payments to save for the purchase of the car? Eileen can account paying 4% interest To save for the outright purchase of the car, it would take Eileen years. (Use your financial calculator and round to two decimal places)

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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.