This is the total amount of interest you will pay and other fees for the Loan.
The amount does not include fees and other charges you can avoid, such as interest at a default interest rate on overdue amounts, late payment fees and dishonour fees.
It is calculated as follows: Total Cost of Credit = Interest Expense + Origination Fee.
- An example using a $100K loan: 15,776 = 12,776 + 3,000.