You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 12%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. Ś What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places.

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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.