Sherry deposits $1000 in a bank account that pays 6% annual interest compounded monthly. She then continues to deposit an additional $100 into the account at the end of each month. How much money does she have at the end of the first year? Complete the table and circle the value that was calculated. PV FV Periods Rate Payment PMT/yr CMP/yr

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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.