You just closed a new loan on his 10-unit apartment as follows: Initial loan amount, $2,000,000, 5.5% interest, 10-year term, 30-year amortization, and there was a 2% loan fee paid at closing. a) What is the monthly payment? b) What are the net loan proceeds? c) What will the loan balance be by when the loan matures? d) What is the balance at the end of year 5? e) What is the effective annual interest rate if Garret holds the note until maturity? What if he pays it off at the end of year 5?

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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.