Peter Piper has applied for a mortgage of $124,000. Interest is computed at 6.5 percent compounded semiannually. be paid off over 20 years. (For all requirements, use a Financial calculator to arrive at the answers. Do not round calculations and Round the final answers to 2 decimal places.) a. Calculate Peter's monthly payment. Monthly payment. $[ b. Calculate Peter's weekly payment. Weekly payment $ c. Calculate Peter's biweekly (every 2nd week) payment. Biweekly 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.