Answer the following question correctly and show your Complete Solution (Given, Required, Equation, Solution, Answer) Mr. Johnson is a car sales agent in a car company in MLBB Nation where there is a new model of SUV. His manager gave him the details of the vehicle and ask him to identify its selling price . The details are as follows: down payment is Php 250,000.00; regular payment at the end of each month is Php 18, 230.00;term is 6 years; and interest is 12% compounded monthly

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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.