Maria and John have been renting a small apartment but decide to purchase a house. The one they have found has a selling price of $300,000.  They will make a 20% down payment. If the interest is 2.5% interest 15-year mortgage: what is the total interest? show the work

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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.