For services rendered, an attorney accepts a 90 day note for $5,500 at 8% simple interest from a client (both interest and principal are repaid at the end of 90 days). Wishing to use her money sooner, the attorney sells the note to a third party for $5 560 after 30 days. What annual interest rate will the third party receive for the investment?

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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.