Miguel takes a car loan for $16,000. The loan is for 60 months and has an interest rate of 4%. There are an additional $1,000 of fees. What is the APR for this loan? 6.25% O6.4% O 8.6% O 10.25%

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Q: Baghiben

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A:

Q: 2

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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.