Nalan saved the monthly 400 TL scholarship from the General Directorate of Credits and Dormitories, which she received for 4 years. After 15 years she is going to pay it back in 4 years as equal payments (R) (in todays dollars). If the market interest rate is 24% compounded monthly and the inflation rate is 3%. Calculate the R values?

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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.