On September 19, Lynn Knight joined a Christmas club. Her bank will automatically deduct $100 from her checking account at the beginning of each month and deposit it into her Christmas club account, where it will earn 6% interest. The account comes to term on December 1.(a) Find the future value of the account, using an annuity formula. (Round your answer to the nearest cent.)$ (b) Find the future value of the account, using the compound interest formula. (Round your answer to the nearest cent.)$ (c) Find Lynn's total contribution to the account.$ (d) Find the total interest. (Round your answer to the nearest cent.)$

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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.