You retre at age 67 Your 401(k) retirement plan has a balance of $2.500 000 00 Suppose the account eams 5% interest compounded monthly, and you want an income of $66.000 a year How much interest in dollars, does the account eam in month 37 HINT Use the table below) Mouth Balance before Withdrawal $2.900.000 00 $2.906.560 42 $2.913.148.17 Monthly latered Withdrawal Earned $5.500.00 $13.060 42 $5.500.00 $12.087.75 $5,500.00 Balance after Withdrawal 12.906.560 42 $2.913,148 17 $7.919.763.37

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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.