You are buying a house for $150,000.00 with a downpayment of $30,000.00. The loan will be paid back over 30 years with monthly payments of $600.92. If the interest rate is 4.4% compounded monthly, what would the smaller concluding payment

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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.