Sonya has a $363,000 mortgage at 3.41% compounded monthly with end of month payments of $3,340.00.   a) How many payments will Sonya have to make to amortize this loan?    (rounded to the next higher whole number)   b) How much will her final mortgage payment be?   $ (enter a positive value)

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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.