QUESTION 19 Clark and Lana take a 30-year home mortgage of $128,000 at 7.8%, compounded monthly. They make their regular monthy paymerts month 5 years, then decide to pay S1300 per Match the question with the answer there are more answers than questions v What is their regular monthly payment? What is the unpaid balance when they begin paying the $13007 How many payments of $1300 wit take to pay of the loan? How much interest will they save by paying the loan this way? AS11,780.16 B. 144.27 monthly peyments C.$242.841.98 D.S 88,874.36 E.S 331,716.33 F $ 921.43 G. 76.35 monthly payments HS 8943 L$121 462.80

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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.