narvia purchased a used roadster with a $15,000 three -year loan at 6%. Her monthly payments are $456.33. After just one payment and auto collector she met at a concert offered her $30,000 for the car. How much would she have to pay her lender to release the lien on the car?

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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.