### Question
How is the term actual cost defined?


### Answer
The term **actual cost** is defined in *APPENDIX U.S.C. § 1271* as the following:

> the sum of—


(1) all amounts paid by or for the account of the obligor as of the date on which a determination is made under section 1279a(g)(1) of this Appendix

#### Citation:
  - *APPENDIX U.S.C. § 1271*
  - Heading: **CHAPTER 27-MERCHANT MARINE ACT, 1936 > SUBCHAPTER XI-FEDERAL SHIP MORTGAGE INSURANCE**

