stion 19 se you invest $3300 in an account with an annual interest rate 12% compounded monthly (1% each ). nis information to complete the table below. Round to the nearest cent as needed. Month Starting Balance 1% Interest on Starting Balance Ending Balance 1. $3300 $33 $3333 $3333 3 $3399.99 $3399.99 5. $34.34 Submit Question 2.

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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.