ou borrow 300,000 to buy a new house.                 The loan is a conventional 30-year loans and payment is made at the end of each month (so will you make more than just 30 payments, right!) What should be the monthly interest rate so that payment is $2,948.01

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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.