To purchase a specialty guitar for his band, for the last two years JJ Morrison has made payments of $80 at the end of each month into a savings account earning interest at 5.66% compounded monthly. If he leaves the accumulated money in the savings account for another three years at 5.96% compounded quarterly, how much will he have saved to buy the guitar?

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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.