John wishes to take out a loan for $4000. The interest rate on this loan would be 12% per annum and Tom wishes to make equal monthly repayments, over two years starting one month after the loan is taken out. What would be the monthly repayment on the loan to the nearest $? $160 17

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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.