£6,600 is invested at the outset (t=0). Calculate the total amount of interest collected after 19 years if the nominal rate of interest is 5.6% per annum convertible half yearly for the first 8 years, and the force of interest is 0.74% per month for the last 11 years. (no tables, ONLY formulas, please)

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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.