The exact simple interest of P7,000 invested from April 28, 2002 to December 25, 2002 is P700. What is the rate of interest? percent=? round 2 decimal place

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Q: The exact simple interest of P7,000 invested from April 28, 2002 to December 25, 2002 is P700. What…

A: Formula: Simple Interest = Principal Amount x Time period x Rate of Interest

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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.