Mindy takes out a 4-year loan of $5000 at an annual rate of discount of 5%. How much does she receive?

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A: Using excel PMT function

Q: r. What is the annual loan payment Dan must make?

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Q: the amount financed the finance charge The deferred payment price.

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Q: What house value can Betty afford? Betty's annual income is $90,000 and she has monthly credit…

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A: Future Value: A present asset's future value, abbreviated as FV, is the value that asset is expected…

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.