Mick plans to start saving money for retirement. By taking 10% of monthly gross income. Mick is able to contribute $572 each money to a retirement plan. The account is expected to earn interest with an APR of 5.25% compounded monthly. Round to answers to two decimal cases places. a.How much money will be in Mick retirement account if he continues to make the same monthly investment for 40 years? b.Overall Mick contributed how much of her own money into the retirement account? c. What percent of the final balance in Mick retirement account was interest?

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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.