, Jane borrows an amount of money L. She repays it in 360 equal monthly payments at the end of each month. The amount of principal repaid in the first payment is $254.73 and the amount of principal repaid in the last payment is $1,133.34. a) Calculate the annual effective interest rate b) Calculate the size of the loan L.

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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.