pose that after the 6-month grace period after you graduate college, you have $63,0 dent loan debt. If you plan on paying back your loans using the standard repayment p be paying your loans off in 10 years. You may assume an interest rate of 5.05% whic mpound daily. In order to find your monthly payment, you will first need to find your da wment since the interest is compounded daily. What is your daily payment? Select] What is your monthly payment for a month with 30 days

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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.