Jamal bought a car and is making month-end payments of $510.35 for the next 4 years to pay it off. The interest rate he is being charged is 2.99% compounded semi- annually. a. What is the purchase price of the car if a $4,500 down payment was required? Considering inflows and outflows of cash, enter the appropriate yalues in the hlanko below

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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.