Using Excel's built in financial functions create a model for calculating your loan's interest rate. You have a $13 000 loan that can be paid off with 12 annual payments of $1 250 each if you make the first payment one year from now. What is the interest rate on the loan? What if the loan involves a $2 000 additional final payment? Add spinners to you model for loan amount from 10 000 up to 20 000 and for per period payments up to $2 000. Protect your model. Interest rates 2 3 Loan amount 4 Nr of payments 5 Per period payments 6 Additional final payment 7 8 Interest rate without final payment Interest rate with final payment 10 $13 000 12 $1250 $2000 2.27% 3,98% C

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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.