Pablo and Max received a 30-year mortgage for $201,000 at the APR of 11.4%, compounded monthly. After they had made 9 years of the payments (108 payments) they decided to refinance the remaining loan balance for 20 years at an APR of 5.3%, compounded monthly. What will be the balance on their loan 3 years after the refinance?

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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.