They decide to defer any purchases and invest a $5600 bonus that Maria will be getting from work in a savings account. The interest rate is 1.8% compounded every month.  How much interest will they earn in 4 years?  Show work

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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.