I need a process .i have underlined the answer  You want to buy a house that costs $245,000. You will make a down payment equal to 10 percent of the price of the house and finance the remainder with a loan that has an APR of 5.33% compounded monthly. If the loan is for 20 years, what are your monthly mortgage payments? (a)  $1,445.84 (b)  $1,495.70 (c)  $1,515.99 (d)  $1,570.48

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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.