Angelica received a 12-year non-subsidized student loan of $18,000 at an annual interest rate of 5.5% (compounded monthly). Determine her monthly payment on the loan after she graduates in 4 years. Round your answer to the nearest cent.)

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Q: EPS Dividend Yield Formule 2022 2021 2020 $6.74 $6.08 $3.74 0,72% 0,5% 0,7%

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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.