Olivia plans to secure a 5-year balloon mortgage of $230,000 toward the purchase of a condominium. Her monthly payment for the mortgage at the rate of 2%/year compounded monthly. At the end of the 5 years, Olivia is required to pay the balance owed (the 5 years, and what will be her balloon payment? (Round your answers to the nearest cent.) monthly payment $ balloon payment $

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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.