Mathematics, 16.05.2020 05:57 roseemariehunter12

The cost of credit is the amount that a person pays over and above the amount borrowed.

Carolynn bought a $5,400.00 car from Bill's Used Cars. What was her cost of credit if she had a 3 year loan at 4.2% interest?

P is the principal, r is the interest rate,
m is the number of monthly payments,
M is the monthly payment
A.
$356.76
B.
$296.28
C.
$596.40
D.
$494.40

Answers: 3

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The cost of credit is the amount that a person pays over and above the amount borrowed.

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