o help open up a restaurant, Austin borrowed money from a bank. He took out a personal, amortized loan for  $46,500 , at an interest rate of  6.9% , with monthly payments for a term of  8  years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the  list of financial formulas . (a) Find Austin's monthly payment.   $ (b) If Austin pays the monthly payment each month for the full term, find his total amount to repay the loan.   $ (c) If Austin pays the monthly payment each month for the full term, find the total amount of interest he will pay.   $

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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.