I. Simple Interest Solve the following Problem 1. A man borrowed P45,000 from a lending institution at 8.5% simple interest. Find the interest and amount if the obligation is to be settled in: a. 1.5 years b. 30 months c. 2 years and 9 months 2. At what rate should P75,000 be invested in order to earn P5,100 interest in: a. 2.5 years b. 3.25 years c. 180 days 3. How long should P100,000 be invested at 8% simple interest in order to earn: a. P12,000 b. P16,000 c. P32,000

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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.