Using 360 days as the denominator, calculate interest for the following notes using the formula I = P × R × T. Round your answers to the nearest cent. Principal Rate Time Interest $4,200     6.00% 30 days $fill in the blank 1      1,000     7.50 60   $fill in the blank 2      4,400     8.00 120   $fill in the blank 3      950     6.80 95   $fill in the blank 4      1,250     7.25 102   $fill in the blank 5      2,400     7.00 90   $fill in the blank 6

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Q: Quantitative M

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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.