Question

John applied for a loan of $5,000.00 with an annual interest rate of 3% to be repaid monthly for a year. The loan terms include a processing fee of 0.1% of the loan amount and a quarterly administrative charge of 0.05% of the loan amount. What is the total cost of financing?​

Answer 1

Enter the amount of money you are investing. Start Year. Enter the year in which the money was first invested. End Year. Enter the future year on which you want to base your calculation. Annual Interest Rate. Enter the annual compound interest rate you expect to earn on the investment. The default value (2.0%) equals the rate currently paid on five-year Guaranteed Investment Certificates

Explanation: