You borrowed $660,000 in your mortgage to purchase a property. The mortgage requires equal annual payments at the end of each year. You need to pay off the mortgage in 15 years at an APR of 8.35%. The interest is compounded annually. How much of the first annual payment are paid towards repaying the principal? Oa. $23,653.18 O b. $51,420.90 Oc. $48,911.08 Od. $21,311.62 Oe. $18,211.08

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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.