While buying a new car, William made a down payment of $900 and agreed to make month-end payments of $330 for the next 4 years and 7 months. She was charged an interest rate of 2% compounded semi-annually for the entire term. A. What was the purchase price of the car? b. What was the total amount of interest paid over the term?

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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.