Credit Cost Calculator

What is Credit Cost?

The credit cost is the total amount of interest or fees that you will pay on a loan or credit over a specified period. It is calculated based on the total credit amount and the credit rate.

Formula

The formula to calculate the credit cost is:

\[ CC = A \times \frac{CR}{100} \]

Where:

$CC$ is the Credit Cost ($)
$A$ is the total credit amount ($)
$CR$ is the credit rate (%)

Example Calculation

Let's assume the following values:

Total Credit Amount (A) = $10,000
Credit Rate (CR) = 5%

Using the formula:

\[ CC = 10000 \times \frac{5}{100} = 500 \text{ $} \]

The credit cost is $500.