To complete her college education, Judy received education loans of $23,256 including interest. Find her monthly payment if the loan is to be paid off in 72 months (6 years). Her monthly payment is $ (Simplify your answer.)

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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.